SunGard Data Systems Inc. is said to be preparing for an initial public offering (IPO) according to multiple reports Tuesday.

Reuters reported that JPMorgan Chase & Co, Goldman Sachs, Deutsche Bank, Barclays and Credit Suisse has been appointed to lead the IPO, although the company is said to be open to a sale as an alternative to going public.

The Wall Street Journal quoted “people familiar with the matter” saying that SunGard is looking to raise $750 million in the IPO on a valuation of $7 billion.

Founded way back in 1982, SunGard provides software and processing solutions for the educational and financial services industries. The company operates in four segments: Financial Systems, Higher Education, Public Sector, and Availability Services.

Although it started as a traditional software company it has migrated with time into the software as a service (SaaS) space, including Hadoop support with a Big Data in the cloud offering among other services.

In 2014 SunGard’s total revenue came in at $2.8 billion, up 2 percent year on year, with operating income of $426 million. Debt, however, stood at $4.7 billion with $447 million in cash at hand.

Last of its era

SunGard was among the biggest leveraged buyouts prior to the global financial crisis, having been acquired acquired for $11.4 billion in 2005 by Silver Lake Partners TPG Capital, Bain Capital, Blackstone Group  Goldman Sachs Capital Partners, KKR & Co and Providence Equity Partners.

The company is said to be one of the longest-held investments in private equity history, and will cross its tenth acquisition birthday this August.

Usually, investors would have been looking at ways of cashing out of an investment such as SunGard well and truly before now, and the IPO will give them that exit option.

How the IPO will fare though is an entirely different matter.

The market is certainly buoyant when it comes to tech related IPO’s in 2015, but SunGard isn’t a flash relatively young startup company, it (putting aside its cloud offerings) could be described as a dinosaur, and it comes saddled with a high amount of debt.

There’s no word yet on when the IPO might take place.