In a move that will create one of the largest fintech companies in the world, Vista Equity Partners is acquiring software maker D+H and intends to merge it with software maker Misys, the company reports.
Terms of the deal were not divulged.
The combined company will have a global footprint and the broadest set of financial software solutions available on the market, with approximately $2.2 billion in revenues, around 10,000 employees and more than 9,000 customers across 130 countries, including 48 of the top 50 banks, Vista Equity Partners says in a release.
Misys and D+H are highly complementary in terms of both software solutions and geographical footprint. D+H has a strong focus on payments, lending and retail banking solutions, while Misys has a focus on capital markets, corporate banking and retail banking globally.
“By combining D+H with Misys, [Vista Equity Partners] will be creating a global leader in financial technology, with a broad array of products to serve customers,” says Gerrard Schmid, CEO of D+H, in a statement. “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. I believe this transaction is beneficial to our customers, shareholders and employees. We look forward to working closely with Vista and the leadership team at Misys to complete this transaction.”
D+H has more than 5,500 employees, and its global payments, lending and financial solutions are used by more than 8,000 banks, speciality lenders, credit unions, community banks, governments and corporations.
“The combination of our two companies creates significant opportunity for our customers, our employees and our partners,” says Nadeem Syed, CEO of Misys. “By coming together, we have the opportunity to create a global fintech powerhouse, positioning us to lead the corporate banking software space, accelerate our cloud-based offerings, and expand our footprint in North America.”
The deal, which is still subject to the usual approvals, is expected to close by the end of the third quarter.