UPDATE: SunGard Files $100M IPO

(Updated - June 4, 2015 9:59 AM EDT)

(Update removes incorrect ticker)

SunGard filed a registration with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $100 million.

Underwriters on the offering are J.P. Morgan, Goldman, Sachs & Co., Barclays, Deutsche Bank Securities, Credit Suisse, BofA Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities.

Finacials include FY14 revenue of $2.809 billion with net loss of $396 million, from revenue of $2.761 billion and net loss of $107 million reported for 2013. Operating income in FY14 was $86 million, from $404 million the prior year. Revenue in CQ115 was $671 million with net loss of $15 million, from revenue of $653 million and net loss of $390 million posted in the same period for 2014.

SunGard also said: In 2011, we embarked on a major transformation program to create a more integrated enterprise, focused primarily on the financial services industry. Led by a new executive leadership team, we exited non-core business lines representing more than $2 billion in revenues including the sale of Higher Education in January 2012 ($492 million in 2011 revenue), the split-off of Availability Services in March 2014 ($1.4 billion in 2013 revenue) (the “AS Split-Off”) and other smaller divestitures. In addition, within our Financial Systems segment, we exited slower growing or low margin business lines representing $203 million in revenues since 2010. We then instituted an enterprise-wide operating model supported by functional leaders from across the industry. We believe these changes allow us to take better advantage of SunGard’s scale, breadth and decades-long, trusted customer relationships across the financial services industry.

SunGard is a leading provider of mission-critical software to financial institutions globally.

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