The ratings reflect Sophia L.P.'s "highly leveraged" financial profile, and Standard&Poor's Ratings Services' view that near-term integration risks offset the company's improved market position resulting from the combination of Datatel's and Sungard's higher education businesses. Sophia is the leading provider of enterprise resource planning (ERP) software products to more than 2,300 higher education institutions in over 40 countries. The company primarily operates in North America, but has a growing client base in Asia, Europe, and South America. Its suite of ERP software modules includes solutions for student administration, financial aid, finance, human resources, and fundraising. We view Sophia's business risk profile as "fair," reflecting the company's leading market position, a revenue base in which approximately two-thirds of total
