UK-based financial services software provider Misys and Canada-based payments and lending technology developer D+H have merged to form fintech company, 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 will be offering a wide range of software services for retail banking, transaction banking, lending and treasury and capital markets around the world. It is being claimed that 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.
The new company has annual revenues of $2.1bn, with offices in over 42 countries around the world. It will have its global headquarters in London, UK and will maintain a North American headquarters in Toronto, Canada.
Taking into account its increased sale and geographic reach, the combined company is expected to serve its customers, regardless of the size or geographic location.
The company stated that it aims to unlock the potential of people and businesses by executing a product strategy of ‘Protect, Extend and Innovate’. This includes protecting the investments of its customers, extending the value of its solutions by integrating new products and services and innovating to create the best-in-class solutions.
Finastra will be led by Nadeem Syed as the CEO, who previously worked as Misys’ CEO. He has more than 27 years of experience.
Nadeem Syed said: “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.”
Vista Equity Partners founder, chairman and CEO Robert Smith said: "We firmly believe that Finastra is greater than the sum of its parts.
“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."
Image: The new company has annual revenues of $2.1bn. Photo: courtesy of stockimages/Freedigitalphotos.net.