Vista Equity Partners has purchased D+H and will combine it with Misys to provide a fuller suite of global offerings.
Misys, a London-based provider of banking, trading and securities operations software, and D+H, a Canadian vendor offering lending, payments and financial solutions, are merging, according to Vista Equity Partners, now the owner of both companies.
Vista decided that marriage was the best option for the two software houses after it acquired D+H for an undisclosed amount. Vista Equity Partners owns Misys after acquiring the firm in 2012 for approximately $2 billion.
Misys has been overhauled via the Vista ownership.
“Over the last five years we have worked closely with the Misys management team to transform and grow its global business and this is a great next step in that process,” says Brian N. Sheth, co-founder and president of Vista Equity Partners, in a prepared statement. “Together, Misys and D+H have the promise to shape and lead the future of financial software,” he adds.
This latest move by Vista will combine lending and payment solutions with the retail and corporate banking, lending, treasury and capital markets, investment management and enterprise risk offerings of Misys.
Vista officials justify the merger because it will yield “a diversified Fintech market leader” with a global reach, a broad set of financial software solutions, approximately $2.2 billion in revenues, 10,000 employees and more than 9,000 customers across 130 countries, “including 48 of the top 50 banks.”
The combination of companies and solutions “will also create the broadest offering in the corporate banking space,” Vista officials add.
The combination will bring together D+H’s “depth in North America and leadership” and Misys’s “strong market position in Europe, Middle East, Africa and Asia,” says Gerrard Schmid, CEO, D+H, in a prepared statement. D+H has more than 5,500 employees and its payments, lending and financial solutions are used by more than 8,000 banks, specialty lenders, credit unions, community banks, governments and corporations, officials say.
“The combination of our two companies creates significant opportunity for our customers, our employees and our partners,” says Nadeem Syed, CEO Misys, in a prepared statement. The combination will allow for an acceleration of cloud-based offerings, and an expansion of the company’s footprint in North America.”
Vista officials say that the combined company will be privately held, and that the transaction is subject to customary closing conditions, including receipt of all regulatory approvals. The merger is expected to close prior to the end of the third calendar quarter of 2017.
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