Consolidation in Fintech continues with Vista Equity Partners’ announcement on 13 March that it had signed a definitive agreement to buy D+H, the Canadian based software provider and merge it with UK-based financial services software provider Misys, that it already owns, for US$3.6bn (including debt) to create a company worth as much as US$2.2bn in revenue.
Vista bought Misys five years ago for around US$1.3bn. Vista had planned to float Misys on the stock market but pulled back in October 2016. Misys’ clients are principally banks.
D+H is the largest Canadian-based software provider of lending, payments and financial solutions. Mysis provides software for retail and corporate banking, lending, treasury and capital markets, investment management and enterprise risk. The merged group will have around 10,000 employees and more than 9,000 clients in 130 countries. This includes 48 of the top 50 banks, Vista says.
“By combining D+H with Misys Vista will be creating a global leader in financial technology, with a broad array of products to serve customers. D+H brings depth in North America and leadership in payments and lending, while Misys has a strong market position in Europe, Middle East, Africa and Asia and leadership capabilities in banking, capital markets, investment management and risk solutions,” said Gerrard Schmid, CEO, D+H said.