SunGard Data Systems Inc. (“SunGard”), one of the world’s leading software and technology services companies, announced today that it has completed the tax-free split-off of its Availability Services business.
As a result, Sungard Availability Services, a leading provider of information availability through managed IT, cloud and recovery services, is now a separate, independent company with approximately $1.4 billion in annual revenue and its own Board of Directors.
Russ Fradin, SunGard’s president and CEO said: “I would like to thank and congratulate everyone who helped us reach this major milestone. With the successful split-off of Availability Services, we are entering a new era in SunGard’s history. Going forward, SunGard will be more focused than ever on providing leading software and processing solutions that meet the growing and evolving needs of financial industry clients around the world, as well as corporate treasury, energy, public sector and K-12 education clients.”