Sale confirmed for September 13th, 2022 for Cloud Managed Services.
Later Sungard AS
48 replies (most recent on top)
$52.5 Million
Hadn't seen this number and perhaps it's not news.
Bankrupt IT Firm Sungard Wins Approval of $52.5 Million Sale
bloomberg...law....com
How about... complete failure to do anything remotely innovative in the past decade or so? Failure to add value to off-the-shelf 3rd party solutions or worse... subtracting value from perfectly functional 3rd party solutions and selling an inferior product at inflated prices?
Resting on the laurels of "we invented disaster recovery" was only good for so long.
@8uzf+1iopYoR4 The LT team would be the likely to blame. That's what the shareholders want you to think. Shareholders control decisions and place it onto the LT to fulfill their vision. Obviously, the shareholders (private equity) wants y'all to blame the LT and not them. Really everyone should do their research and find out what happens when a private equity firm starts controlling the majority shares aka sold out majority stake to them. Example: Look at what happens when Berkshire Hathaway buys out a company... long story short cut workforce and put more work on people... put in more cost controls for processes.. as long as the company is producing something new, this isnt a problem (in theory).
@8uzf. Unfortunately the company has been going down hill for a lot more than 5 years.
A lot of things were done wrong but it all started when the private equity took over and saddled the company with debit.
I still work here and honestly I find it the best source of information
@8uzf+1iopYoR4 Hopefully this isn't your only source of information on Sungard....
The decline of this company should be used to educate others.
The LT took a market leader who were competing with the best and ran us into the ground in the space of like 5 years.
Who's to blame? The owners? The board? CEO? C level folks? This was an institutional failure that shafted loads of good highly skilled hard workers.
Personally, I left a few months ago but still check this site to see how things are going for company I gave many years to.
RIP Sungard. I remember the good old days and can't help but smile.....
Yeah, @7ymn... especially if he brings KR and a couple others with him, to really seal their fate.
Don't knock HG. He'll land on his feet. There are plenty of companies who will need help running themselves in to the ground.
Get back to work!
All of you fill out this time tracking sheet before I outsource you to Ukraine!
- HG
Is anyone else picturing that $1 scene from Trading Places
@6zsg+1iopYoR4 I hope they get change back
Seems bit crazy. Is that because it's not making any money?
@6zsg+1iopYoR4 YES True. M.R. said so himself on Monday's call.
Is the $1 sale price thing true?
Secure 2 disk is gonna save us yet
Asigra 4 Life!
@5ocu+1iopYoR4 think some are in Ireland and France too. Very little in US.
Not sure there's any US based staff at all?
Wait until they find out what they're actually buying!! LOL No pipeline a couple of customers and I heard some of the team said they wouldn't be going over. Should be interesting, to say the least.
With the UK cloud team having most of the team and customers what did they actually sell them? Maybe they can sell back Redcentric so we can get the team back together again here in the UK.
The ultimate irony is that the mainframe recovery may be the last platform standing. The one that was supposed to disappear in 1995.
@3ttb+1iopYoR4. Is this true? I had not heard this. In that case why couldn't AS just buy it back on the cheap?
@3vlc+1iopYoR4 no argument here. It was probably the start of the poor decisions which lead us here. I'm just saying it came across a bit racist is all.
Workplace UK gone to Daisy - Didn't happen, the deal collapsed with all sites closing.
Yep sadly - RIP SGAS.
@ian moone .. nah that was appropriate .. sungardas laid off highly experienced workers who had years of relationships with clients ... who'd they hire? Freshies who they could pay nickels
@ian moone .. nah that was appropriate .. sungardas laid off highly experienced workers who had years of relationships with clients ... who'd they hire? Freshies who they could pay nickels
@ian moone .. nah that was appropriate .. sungardas laid off highly experienced workers who had years of relationships with clients ... who'd they hire? Freshies who they could pay nickels
@ian moone .. nah that was appropriate .. sungardas laid off highly experienced workers who had years of relationships with clients ... who'd they hire? Freshies who they could pay nickels
@2orj+1iopYoR4 surely there was a less offense way to phrase that question
Are the pune 5 for a dollar workers still in the mix?
@1fea+1iopYoR4 yeah, you know.. just acting like conference calls are saving the world. Gonna miss my over six figure job for doing nothing.
For anyone still alive in RS - how is the morale? Is anyone actually doing anything?
They still have open bathrooms at 401?? figured they wouod have closed then by now and put a porta potty in the caf to save some money
Does SGAS have customers are private cloud or ECS? It must be a small transaction, but def sucks for some.
Feels like Recovery is the last shoe to drop. Then it’s finally turn out the lights. Company could be dead anytime.
I would concur.
@fil+1iopYoR4 that probably didn't need to be said.
My biggest accomplishment today was dropping a huge dump in the 401 bathroom.
# checked out
I thought most of public cloud customers were in UK. But 1111 are only buying US?
A once great company that turned into a complete joke
Sounds like the Recovery line of business is still for sale?
The previous 365 acquisition article had mentioned Sungard was still shopping their Cloud, Managed Services, and Recovery line of business (with 365 acquiring their Colo+Network line of business). 11-11 gets the Cloud and Managed Services line of business.
Definitely slicing and dicing what's left.
RIP SgAS
Will Sungard cease to be a company by years end? Is the name sungard headed into the dustbin of business history?