Misys and D+H have combined their two firms to create a diversified global financial software provider. The company says the merger, announced earlier this year, creates an unmatched operation in terms of depth and breadth of solutions. Operating under the new company name Finastra, management claims the combination will create the third largest financial services technology company in the world. Finastra will be privately held.
Today, Finastra has approximately 10,000 employees and over 9,000 customers across 130 countries, including 48 of the top 50 banks globally. This follows the acquisition of D+H by Vista Equity Partners, the owner of Misys, creating a merger of two complementary financial technology providers.
Nadeem Syed will take the helm of Finastra as Chief Executive Officer. Syed was previously CEO of Misys and has over 27 years of experience leading global technology companies through transformation and growth. The company has USD $2.1 billion in revenues and currently has offices in 42 countries around the world. It will be headquartered in London, UK, maintaining North American headquarters in Toronto, Canada.
Finastra seeks to provide the broadest set of banking, lending and capital markets software available anywhere in the world. The company wants to enable financial services firms to provide digital services hosted on site or via the cloud. With the increased scale and geographic reach, Finastra says it will be able to serve customers better, regardless of their size or geographic location – from global banks, to community banks, credit unions, and corporations.
“Serving all of our customers and partners remains our top priority. 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 customers. We will build momentum, delivering innovative and transformational products and exceptional service. Our mission is to help our customers, whatever their size, wherever they are located,” said Syed.
Robert Smith, Founder, Chairman and CEO of Vista Equity Partners, said they firmly believe Finastra is greater than the sum of its parts.
“[We] will create a powerhouse in the Fintech sector and uniquely position the company to meet the demands of its global customers and their clients,” said Smith