Cloud Software as a Service (SaaS) firm SunGard Data Systems, Inc. has been acquired by Fidelity National Information Services, Inc. for $9.1 billion including debt.

According to reports, the deal consists of 45 percent cash and 55 percent stock, and would create a combined company with more than $9.2 billion in annual revenues and over 55,000 employees in more than 100 countries.

SunGard had previously filed for an initial public offering (IPO) in early June, but as we noted at the time it was likely they would be acquired before they got to that point.

Founded in 1982, SunGard provides SaaS solutions for the educational and financial services industries. The company operates across four markets. Financial Systems, Higher Education, Public Sector, and Availability Services.

Its SaaS offerings include Hadoop support along with a Big Data in the cloud offering, among other services.

SunGard is also noted as one of the longest-held investments in private equity history, having been 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 reason for the lack of an earlier exit from SunGard is generally attributed to the global financial crisis, when the company took a hit when its largest customers, financial institutions, struggled; the private equity owners had no choice but to keep control of the company to avoid losing money, and to give SunGard the opportunity to turn their fortunes around.

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.

Fidelity Cheif Executive Officer Gary Norcross told Bloomberg Business that SunGard was a perfect fit for them, and that he was particularly impressed with SunGard’s management, and sees opportunities for some of the company’s leadership to stay on at the new company.

“We’ll certainly make sure that we have everybody that we want to keep and make sure we have them locked up appropriately before we close,” Norcross said.

Wall Street liked the deal, with shares in Fidelity surging 7 percent to $70 once the deal was made public.

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