UK’s Misys and Canada-based D+H have merged to form a mega FinTech company, named as Finastra. The new company has been created after D+H was acquired by Vista Equity Partners, which already owns Misys.
The combined entity of Misys and D+H is expected to become the third largest financial services technology company in the world. The company has a customer-base of 9,000 across 130 countries, supported by a workforce of 10,000 employees. Its customers include 48 of the global top 50 banks.
Finastra says it will offer a wide range of software services for retail banking, transaction banking, lending and treasury and capital markets around the world. It claims the company’s open architecture and approach can enable financial institutions to tap into the power of software ecosystems, which will be delivered on premises, hosted or via through the cloud.
Finastra has annual revenues of $2.1bn, and will be led by Nadeem Syed as the CEO, who previously worked as Misys’ CEO. He has more than 27 years of experience.
“We firmly believe that Finastra is greater than the sum of its parts,” comments Robert Smith, chairman and CEO, Vista Equity Partners.
“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 their clients.”