Sungard closes sale transactions with 11:11 Systems, 365 Data Centers

By Sarah Lizee

Olympia, Wash., Nov. 4 – Sungard AS has closed the previously-announced asset sales to 11:11 Systems and 365 Data Centers, according to a Thursday press release.

11:11 acquired Sungard’s North American recovery services business, as well as its North American cloud and managed services business and consulting business.

11:11 will operate essentially all of Sungard’s information technology systems and provide services back to 365 and Sungard.

Also, as part of the transactions, 11:11 will operate four data centers previously part of Sungard.

365 acquired a majority of Sungard’s U.S.-based colocation and network services business. Eight data centers including network assets will become part of the 365 portfolio of infrastructure assets.

About 90% of Sungard’s employees in North America and India will transition to 11:11 or 365 in connection with the transactions.

“While restructuring and operating all or some of the business was one of the options we evaluated, we believe – as did our board and investors – that the sale of the assets was the right decision for all stakeholders, including our customers that have continued to rely on us,” Michael K. Robinson, chief executive officer and president of Sungard, said in the release.

Sungard AS will now pivot to the winddown of its remaining U.S.-based assets, which includes four North American data center facilities not included in any of the other transactions.

The company said it continues to evaluate options for its remaining international subsidiaries in Europe.

Sungard is advised 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.

Sungard is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software. The company filed bankruptcy on April 11, 2022 under Chapter 11 case number 22-90018.

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