Post $9Bn acquisition, FIS to bring Sungard's products to India

Financial technology firm FIS is looking to bring Sungard's capital market and trading products to the Indian market after its nearly $9 billion takeover of the technology company.

Sungard, which had 2,500 employees in India, didn't treat the country as a market for its products, targeted at institutional and capital markets firms, something FIS is in the process of changing.

"FIS is keen on working with both existing and new customers for the institutional & wholesale segment. These are diverse verticals, some we have been working traditionally and others are new and will help expand our market share in the country," said Shrihari Bhat, group managing director-Asia Pacific at FIS.

FIS already competes with Indian IT players in providing core banking and retail software. The company has pipped competitors such as Infosys and Tata Consultancy Services to win banking software contracts for Bandhan Bank and the Bhartiya Mahila Bank. The company says it will also work to build its base in the new business.

"Some of our key competitors today are large Indian solution providers with a large domestic install base, so we have to work to cultivate this market," Bhat said.

FIS, which now has over 13,000 employees in India, said it is beginning to bundle Sungard's products with its existing products, though the process is complicated.

"These are complex products and have an impact across different facets of the organization. The sales cycle can take anywhere between 3-6 months," Bhat said.

The company is also considering tapping startups in the country to help it innovate in the booming fintech space. In December, the company tied up with The Venture Centre in the US to launch the FinTech Accelerator.

FIS CEO Gary Norcross told ET that there was no reason the company wouldn't look at working with startups in India. "Innovation has no geography," Norcross said.

Share on Twitter Share on Facebook Share on Google+ Share on LinkedIn