Months after financial services software company Misys canceled its IPO and after Vista Equity Partners, which already owns Misys, agreed to acquire D+H, Vista Equity Partners has moved forward with plans for a merger.
In the merger, Misys and D+H are combining to become Finastra in what the companies said will be the third largest FinTech company in the world. Reports Thursday (June 15) said Finastra will be led by Nadeem Syed, former Misys CEO, and the combined entity has $2.1 billion in revenue across 42 countries.
The new company will be headquartered in the U.K., and reports also said it will keep its North American headquarters in Canada.
Finastra provides a range of financial services, treasury, lending and banking software solutions to its bank and financial institution clients, providing both in-house and cloud-based tools.
“Serving all of our customers and partners remains our top priority,” Syed said in a statement. ”By coming together as Finastra, we are committed to enhancing our ability to deliver market-leading products and services and to being an even more strategic partner to our clients. We will build momentum, delivering innovative and transformational products and exceptional service. Our mission is to help our customers, whatever size, wherever they are located.”
In another statement, Vista Equity Partners founder, chairman and CEO Robert Smith said the size of the combined company will bring new capabilities to its offering.
“We firmly believe that Finastra is greater than the sum of its parts,” the executive stated. “The combination of scale, efficiency, and market-leading service and technology will create a powerhouse in the FinTech sector and uniquely position the company to meet the demands of its global customers and the clients.”
Reports first surfaced of plans for a Misys and D+H merger in March.