SOURCE: Symphony Technology Group

October 19, 2010 08:52 ET

Symphony Technology Group Announces Agreement to Sell Capco to FIS

Capco Has Grown by 150% as an STG Company; On Track to Exceed 80% Organic Growth in 2010 to $225M in Revenue With Record Profitability

PALO ALTO, CA--(Marketwire - October 19, 2010) -  Symphony Technology Group (STG), a leading private equity firm focused on investing in software- and technology-enabled services companies, today announced its portfolio company, Capco, has signed a definitive agreement to be acquired by FIS (NYSE: FIS) for approximately $300M. Capco is the leading provider of integrated consulting and technology services to the global financial services industry. As a result of STG's investment in various growth initiatives, Capco has grown by 150% over four years, including 80% organic growth in 2010 to more than $225M in revenue and record profitability. Capco expects to exit 2010 at a revenue run rate in excess of $250M. During this four year period Capco has created hundreds of new high-quality jobs in the US, Europe and India. The transaction is expected to close by December.

"The transformation of Capco is an excellent example of the STG approach to being a partner in building great companies: by investing in innovation to drive organic growth, by attracting and retaining the best talent, and by supporting the company to deliver best-in-class performance," said STG Chairman and CEO Romesh Wadhwani. "We are thankful for the efforts of CEO Rob Heyvaert, COO Tom McKelvey, Head of Capco Europe Peter Schurau, and the rest of the Capco management team as they have led the transformation of Capco. We have enjoyed an outstanding partnership with management, and we're delighted that their new relationship with FIS will allow them to take Capco to the next level."

Capco Founder and CEO Rob Heyvaert stated: "I'd like to thank STG for its unwavering commitment and support in helping Capco achieve an unparalleled and industry-leading growth agenda. We are excited to work with FIS to continue to pursue our growth strategy and to provide our clients an unprecedented level of expertise and service through a truly global presence."

FIS is one of the world's largest global providers dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions.

"Capco has a strong vision, an outstanding management team, a top tier client base, and a unique and proven set of capabilities," said Marc Bala, Principal, Symphony Technology Group. "We believe Capco is an excellent strategic fit for FIS and will allow the combined company to deliver even greater value to its clients through leveraging FIS's industry leading technology solutions and Capco's unmatched domain expertise in financial services. We wish them continued success."

About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great software and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG's current portfolio consists of eight global companies. For more information, visit: www.symphonytg.com.

About Capco
Capco is a global business and technology consultancy dedicated solely to the financial services industry. Our 1,000 professionals combine innovative thinking with our unrivalled first-hand industry knowledge to offer our clients consulting expertise, complex technology and package integration, and managed services to move their organizations forward. Through our collaborative and efficient approach, we help our clients successfully increase revenue, manage risk and regulatory change, reduce costs and enhance control. We specialize in banking; capital markets; wealth and investment management; finance, risk & compliance; and technology. We serve our clients from offices in leading financial centers across North America and Europe. To learn more, visit our web site at www.capco.com.

About FIS
FIS (NYSE: FIS) ranks among the largest global providers of banking and payments technologies. With a 45-year history deeply rooted in the financial services sector, FIS has expanded substantially to serve more than 14,000 organizations in the financial services, healthcare, government and retail industries in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing, core banking solutions and risk-management services in multiple markets and geographies. FIS is a member of Standard & Poor's 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.

Contact Information

  • For additional information, please contact:

    Carol Sacks
    TENOR Communications
    650.520.8261
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