Financial technology company SunGard Data Systems Inc. announced today that it has purchased San Diego based CRW Systems Inc. Terms of the acquisition were not disclosed. All employees and management of CRW will join SunGard.

CRW, which develops services that help local government agencies manage community development, will be folded into SunGard's public sector business located in Carlsbad, California. SunGard provides software and various types of processing services for the public sector, as well as financial firms and the education industry. 

Owners of Wayne, Pennsylvania-based SunGard seem to have struggled to boost the company's value in recent years. One of the largest leveraged buyouts that preceded the 2008 financial crisis, SunGard is one of the longest-held investments in PE history. 

The company has been backed by the same group of buyout firms since 2005. The consortium includes Silver Lake Partners LP, TPG Capital LP, Bain Capital LLC, Blackstone Group LP (NYSE: BX), Goldman Sachs Capital Partners LP (NYSE: GS), KKR & Co LP (NYSE: KKR) and Providence Equity Partners Inc. The seven firms teamed up and spent $11.4 billion for the company.

In 2012, the firms facilitated a $720 million dividend through SunGard. In 2014, they spun off SunGard's disaster recovery unit - roughly a third of its revenue.

Annual revenue at SunGard increased in 2014 by 2 percent to $2.8 billion. As of Dec. 31, total debt was $4.7 billion and cash was $447 million.

 

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