Misys and D+H borg, form mega-fintech titan Finastra
Fancy some hair-loss drugs, um, financial services tech?
Fumbling British banking software biz Misys has merged with D+H to create the financial services tech firm “Finastra”.
It will be “the world’s third largest fintech company,” according to a spokesperson for the UK firm. The largest providers are American firms FIS and Fiserv.
Misys first listed in London for a paltry £8m in 1987. In 2012, it finally delisted and the private equity firm Vista Equity Partners bought it out for £1.3bn. Feeling optimistic, in October 2016, the company tried returning to the stock exchange with a valuation of £5.5bn — which it had to slash down to £4.5bn a few days later. But alas, it was not to be – by the end of the month, it had scrapped its IPO plans due to what it claims were unfriendly market conditions.
D+H was also recently bought out by Vista Equity Partners, which already owns Misys.
"We firmly believe that Finastra is greater than the sum of its parts. The combination of scale, efficiency, and market leading service and technology will create a powerhouse in the fintech sector," said Vista chief Robert Smith.
According to Vista, the privately held Finastra will bring in a revenue of about $2.1bn from business in 130 countries. Misys CEO Nadeem Syed will head up the mega-firm, which has about 10,000 employees. ®