High degree of recurring revenue; Significant scale; High barriers to entry in niche focus; and Consistent growth in EBITDA and free cash flow. Highly acquisitive; and Relatively high leverage. Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS) had 2009 revenues of $3.8 billion and EBITDA exceeding $1 billion following its acquisition of Milwaukee-based Metavante Corp. for approximately $4.4 billion. In Standard&Poor's Ratings Services' view, the merged company possesses an investment-grade business risk profile, although we do not believe it will initially have the financial profile of an investment-grade company. FIS is a leading provider of core financial institution processing, card issuer, and transaction processing and outsourcing services. Its recent acquisition of eFunds gave FIS greater scale, extended its
