Misys and D+H merge to launch fintech titan Finastra
As reported in March, D+H was acquired by Vista Equity Partners for $3.6 billion. The venture capital firm, which owns UK-based banking software vendor Misys, beat rival Advent International to acquire D+H.
Finastra will boast some big numbers – namely around 10,000 employees and over 9,000 customers across 130 countries, “including 48 of the top 50 banks globally”. It will be privately held and will be led by Nadeem Syed in the role of CEO. Syed was previously CEO of Misys. There is no mention, however, about the role of Gerrard Schmid, CEO of D+H, in the new entity.
It is likely another IPO for Misys (now Finastra) will be attempted in due course.
Robert Smith, founder, chairman and CEO of Vista Equity Partners, says Finastra is “greater than the sum of its parts” and it will create a “powerhouse in the fintech sector”.
D+H’s strength is in payments, lending and retail banking solutions in North America, while Misys’ strength is in treasury and capital markets (TCM), corporate banking and retail banking globally.
Finastra will combine these talents into one entity. It also intends to be everything to everyone as it wants to work with global banks, community banks, credit unions and corporations.