SunGard withdraws IPO following announcement of acquisition

SunGard, which provides accounting, compliance and operations software to financial institutions, withdrew its plans for an initial public offering on Monday.

The company announced last week that it would be acquired by Fidelity National Information Services (NYSE: FIS) for $9.1 billion including debt.

SunGard had been running a dual track process - the company filed on June 4 for an IPO that could have raised $750 million, and later that day news broke that it was in talks with SS&C and FIS for a sale. SunGard amended its filing in mid-July, but by the end of the month news outlets reported that it was hammering out a sale to FIS with an acquisition price of more than $8.3 billion. 

The Wayne, PA-based company was founded in 1982 and booked $2.8 billion in sales for the 12 months ended March 31, 2015. J.P. Morgan, Goldman Sachs, Barclays, Deutsche Bank, Credit Suisse, BofA Merrill Lynch, Citi, Morgan Stanley, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.