Earlier this year, Vista Equity Partners acquired D+H, a Toronto-based provider of technology solutions to financial institutions, in a $3.6 billion deal.
At the time, Vista Equity said that it planned to merge D+H, which was a winner of HousingWire Magazine’s 2017 HW Tech100 as one of the top tech companies in housing finance, with Misys, a global software provider for retail and corporate banking, lending, treasury and capital markets, investment management and enterprise risk based in the United Kingdom.
And Wednesday, that’s exactly what happened.
Vista Equity announced Wednesday that it is merging D+H and Misys to form a new entity, called Finastra.
According to details provided by the company, Finastra will be the “third largest financial services technology company in the world,” with approximately 10,000 employees and more than 9,000 customers across 130 countries, including 48 of the top 50 banks globally.
The company said that Finastra will be led by Nadeem Syed, who was previously CEO of Misys. Syed will serve in that same role at the merged company.
The company will be headquartered in London, UK, while maintaining North American headquarters in Toronto, Canada.
“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,” Syed said of the new company.
“We will build momentum, delivering innovative and transformational products and exceptional service,” Syed continued. “Our mission is to help our customers, whatever their size, wherever they are located.”
When Vista Equity’s purchase of D+H was announced, the companies said that the combination of D+H's “strength in payments, lending, and retail banking solutions in North America” with Misys's “strength in capital markets, corporate banking, and retail banking globally” will help the business grow.
Robert Smith, the founder, chairman and CEO of Vista Equity Partners, echoed that sentiment in the wake of the formation of Finastra.
"We firmly believe that Finastra is greater than the sum of its parts,” Smith said. “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.”