The company provides trading and investment management software for more than 15,000 financial firms. The company has hired investment banks, which could value the company at more than $10b (including debt).

SunGard was acquired for $11.4b in 2005 by an army of PE funds. The deal was one of the largest LBOs that preceded the financial crisis, SunGard is one of the longest-held investments in private equity history, feels hard to believe that this will yield a good IRR.