October 7, 2022
Sungard AS filed for Chapter 11 bankruptcy protection in April. That’s the second time in three years. The company cited a series of factors that led to the bankruptcy round. In 2019, Sungard AS said the need was to reduce its debt by nearly $800 million.
11:11 and Sungard AS anticipate receiving bankruptcy court approval of the recovery services business sale by mid-October. The transaction is expected to close later this fall alongside the CMS business.
11:11 said once completed, acquiring these two Sungard AS businesses will cement it as “one of the largest and most experienced cyber resiliency and disaster recovery providers.” In early 2022, 11:11 Systems announced the acquisition of both Green Cloud Defense and iland, two market leaders in the cyber resiliency and disaster recovery space.
New 11:11 Practice Coming
Once the two Sungard AS acquisitions are complete, the combined resources, experience, talent, solution offerings and customer and partner ecosystems will be brought together. They’ll establish a global cyber resiliency and disaster recovery practice within 11:11.
Keep up with the latest channel-impacting mergers and acquisitions in our M&A roundup.
Brett Diamond is 11:11‘s CEO.
11:11’s Brett Diamond
“We know that more than half of all companies today have experienced some sort of cyberattack within the past 18 months,” he said. “With these strategic acquisitions, 11:11 Systems is the best option on the market for helping customers of any size – no matter how simple or complex their needs are – prepare for and defend against cyberattacks and other business interruptions.”
More Cloud Points of Presence
As a part of this transaction, 11:11 gets a large team of employees and 13 new cloud points of presence. With Sungard AS’ two businesses, 11:11 will have 26 new cloud points of presence for its customers.
Justin Giardina is 11:11’s CTO.
“Our goal is to enhance the cyber resiliency and disaster recovery team within 11:11 Systems by combining the best talent from the industry’s top data protection providers to expand options for our existing customers and blaze the path for business resiliency in the future,” he said. “The well of experience, expertise and solution excellence is deep. And we intend to fully optimize this unique opportunity to the benefit of our customer and partner ecosystem.”
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