SunGard has been sold to Florida-based FIS, in a move bolstering the latter firm's asset and wealth management franchise.

FIS, the global provider of banking and payments technology, as well as consulting and outsourcing solutions, has completed its acquisition of the Pennsylvania-based financial software company SunGard.

The combined company now has over 55,000 employees and $9.3 billion in revenue on a pro-forma basis.

The deal is a springboard for FIS into the asset management sector, and deepens it wealth management expertise. Both firms have complementary technology solutions and services across retail and corporate banking, payments, risk management, asset solutions and insurance.