SunGard Data Systems

bankrupt

Software / Financial Tech — Silver Lake / Bain / Blackstone / Goldman / KKR / Providence / TPG

Deal Terms

Entry Year2005

Entry EV$11.3B

Entry Multiple10x

Leverage7x

Debt Amount$7.9B

Outcome

Exit Year2019

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

$11.3B LBO by 7-PE-firm consortium (2005) — one of the largest club deals ever. $7.9B debt. Financial tech/disaster recovery. Revenue declined as cloud competitors emerged. Filed Chapter 11 (2019) after FIS acquired the financial services unit for $3.5B (2015) and the residual couldn't service debt. 7 PE firms couldn't save a company from technological obsolescence.

Sponsor

Blackstone$1270B AUM

Hot Potato History

1983→Public Market

2005→Silver Lake + Bain + Blackstone + Goldman + KKR + Providence + TPG (7-firm consortium)($11.3B)

Effectively dismantled. Sold to FIS in 2015 for $9.1B — 20% below LBO price. PE consortium lost billions.