Sungard AS Announces Successful Bid for its North American Cloud and Managed Services Business
WAYNE, Pa., Aug. 24, 2022 /PRNewswire/ -- Sungard Availability Services (Sungard AS) today announced that it has entered into an Asset Purchase Agreement (APA) with 11:11 Systems ("11:11"), a managed infrastructure solutions provider, to acquire its North American Cloud and Managed Services (CMS) business. The transaction with 11:11 is subject to court approval and customary closing conditions. The hearing by the court to approve the APA with 11:11 is anticipated for September 2022. The Company expects the transaction to close this fall.
During the restructuring process, Sungard AS' businesses in North America have continued to operate largely business as usual, meeting the needs of customers. Sungard AS previously announced a similar transaction with 365 Data Centers ("365") for a majority of its U.S.-based Colocation business. The 365 transaction is also pending court approval. While the Company continues to evaluate potential transactions or other restructuring alternatives, it is preparing to operate its Recovery Services business as a stand-alone entity after it emerges from restructuring this fall.
"11:11's focus on cloud, connectivity and security, combined with Sungard AS' Cloud and Managed Services (CMS) capabilities and team are a perfect complement. Sungard AS' CMS customers will continue to benefit from a provider focused on delivering, optimizing and securing their mission-critical cloud and application environments. What's more, as numerous Sungard AS employees are expected to transition to 11:11, customers will also continue to benefit from the expertise within the Sungard AS team," said Michael K. Robinson, Chief Executive Officer and President, Sungard Availability Services.
Robinson continued, "Our intent throughout the restructuring has been to evaluate and pursue outcomes that will meet the expectations and needs of our customers, while at the same time addressing the business' cost structure challenges. Discussions regarding some of Sungard AS' facilities continue and potential impact to customers is being analyzed."
Additional information about Sungard AS's chapter 11 filing can be found at: https://cases.ra.kroll.com/SungardAS.
Information about the Canadian proceedings can be found at: https://www.alvarezandmarsal.com/SungardASCanada.
Sungard AS is advised in this matter by Akin Gump Strauss Hauer & Feld LLP, Jackson Walker LLP, Cassels Brock & Blackwell LLP, FTI Consulting, Inc., DH Capital, LLC and Houlihan Lokey Capital, Inc.
About Sungard Availability Services
Sungard Availability Services (Sungard AS) is a leading provider of cloud connected infrastructure solutions serving enterprise customers from 75 hardened data centers and workplace recovery facilities in nine countries. Sungard AS has a 40-year track record of delivering resilient and highly available hybrid IT solutions. Backed by high-performance networks, Sungard AS modernizes customers' end-to-end IT across connected infrastructure, cloud, recovery and workplace solutions. Working with customers to understand their business objectives, Sungard AS identifies gaps in customers' current environments and tailors a solution to achieve their desired business outcomes. Visit Sungard AS at www.sungardas.com or call +1 888 537-6519 in the U.S. or +44 808 238-8080 in the U.K. Connect with us on our blog, LinkedIn, Twitter, Facebook and YouTube.
Gregory FCA for Sungard AS
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Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words "anticipates," "believes," "expects," "intends," "plans," "estimates," "targets," "projects," "should," "may," "will," statements regarding future timing of a chapter 11 proceeding and similar words and expressions are intended to identify forward-looking statements, as defined within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Such forward-looking statements include, among others, those concerning the completion, outcome and effects of the chapter 11 cases, the ability of Sungard AS to obtain bankruptcy court approval of the matters described in this press releases, including with respect to any debtor-in-possession financing, the ultimate outcome of the chapter 11 cases and any restructuring of Sungard AS effectuated thereby and Sungard AS's ability to reduce its debt or strengthen its financial position. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.
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