Company:Finastra

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Short description: Software companies of the United Kingdom


Finastra
TypePrivate
IndustryIT
Founded2017; 7 years ago (2017)
HeadquartersLondon, England, UK
Productsfinancial software
RevenueUSD $1.9 billion
OwnerVista Equity Partners
Number of employees
10,000+ (2021)
Websitefinastra.com

Finastra is a financial software company headquartered in London, England .[1] The company offers a portfolio of products and solutions to the retail banking, transaction banking, lending, and treasury capital markets.[2] Finastra was formed in 2017 by the combination of London-based Misys, a provider of financial operations software, and global payments and lending technology provider D+H.[3] At the time of its formation, Finastra was considered the third-largest financial services company in the world.[4]

Misys history

1970 to 2000

The company was founded by Roger Morgan and Kevin Lomax as Misys to develop insurance software.[5]

In 1997, it bought Medic Computer Systems, a healthcare software business.[6]

2000 to present

In June 2001, Misys bought DBS Management, a supplier of software to Independent Financial Advisors.[7]

In June 2001, Misys bought Sunquest Information Systems, a United States-based supplier of medical systems software.[8]

In January 2004, Misys bought IQ Financial Systems from Deutsche Bank.[9]

In July 2005, Misys, bought Almonde.[10]

In February 2006, Misys bought Intesio.[11]

In March 2006, Misys bought NEOMAlogic.[12]

Mike Lawrie was appointed CEO in October 2006.[13]

In July 2007, Misys sold its diagnostic information software division to Vista Equity Partners.[14]

In October 2008, Misys' subsidiary, Misys Healthcare, was merged with Allscripts, a medical records business, to become Allscripts-Misys Healthcare Solutions, Inc.[15]

In November 2010, Misys bought Sophis, a provider of portfolio and risk management software.[16]

In February 2012, Misys entered into merger talks with its Switzerland rival Temenos.[17] The deal later collapsed when the two sides were unable to agree to terms.

In March 2012, private equity firm Vista Equity Partners announced that it had reached an agreement to acquire Misys.[18]

In June 2012, upon the completion of the acquisition by Vista Equity Partners, Misys was merged with Turaz, another acquisition of Vista. Turaz was formerly the treasury and risk management software division of Thomson Reuters.[19]

In February 2014, Misys bought Hungary-based IND Group, a supplier of online and mobile banking software.[20]

In August 2014, Misys bought Custom Credit Systems, a US-based supplier of credit workflow and loan origination software.[21]

In March 2017, D+H announced that it would be acquired by Vista Equity Partners and combined with Misys[22]

In June 2017, the merger with D+H was completed, and the company was rebranded as Finastra[23]

In January 2018, Finastra acquired Olfa Soft for its FX e-trading platform for financial institutions.[24][25]

In April 2018, Finastra launched an innovation lab in Hong Kong to enable collaboration between banks and other fintech companies.[26]

In June 2018, Finastra announced it acquired Malauzai (Austin, Texas ), a provider of mobile and internet banking solutions for community financial institutions.[27]

In June 2018, Finastra, launched FusionFabric.cloud, an open platform to develop apps, connect ecosystems and foster collaboration between banks and fintechs.[28][29]

D+H History

Following a series of acquisitions starting in 2005, D+H shifted its business to providing financial technology services worldwide.[30]

In 2011, D+H went public on the Toronto Stock Exchange. It acquired Mortgagebot[30] and ASSET Inc. in 2011, Avista Solutions in 2012,[31] Harland Financial Solutions[32] and Compushare in 2013,[31] and Fundtech (for $1.25b) in 2015.[33]

In 2016, D+H added blockchain technology capabilities to its global payments platform. The added capabilities enabled banks that use its Global PAYplus services platform to access distributed ledgers to connect networks, move money in real-time and improve access to liquidity.[34]

On 17 June 2017, D+H announced that it would be acquired by Vista Equity Partners and combined with Misys, operating under the new company name Finastra for a total enterprise value of approximately $4.8 billion.[35]

References

  1. ↑ Finastra Limited: Company number FC034398. Companies House. Accessed August 2021.
  2. ↑ "Finastra" (in en-US). https://www.bobsguide.com/companies/finastra/. 
  3. ↑ "Misys and D+H Are Now 'Finastra' | FTF News" (in en-US). https://www.ftfnews.com/misys-and-dh-are-now-finastra/17470. 
  4. ↑ "Misys and D+H combine as Finastra" (in en). 2017-06-14. https://www.finextra.com/newsarticle/30690/misys-and-dh-combine-as-finastra. 
  5. ↑ "Profile: Kevin Lomax Chairman of Misys Making an after-dinner mint. - Free Online Library". https://www.thefreelibrary.com/Profile:+Kevin+Lomax+Chairman+of+Misys+Making+an+after-dinner+mint.-a060539888. 
  6. ↑ "Misys pays heavily for tonic". http://www.faqs.org/abstracts/Business/Misys-pays-heavily-for-tonic-Micro-Focus-gets-tooled-up-in-the-US.html. 
  7. ↑ "Misys buys DBS to boost advice arm" (in en). 2001-06-20. http://www.theguardian.com/business/2001/jun/20/12. 
  8. ↑ "Misys buys Sunquest for £286m to tighten US hold" (in en). 2001-06-26. http://www.independent.co.uk/news/business/news/misys-buys-sunquest-for-286m-to-tighten-us-hold-9225102.html. 
  9. ↑ "Misys acquires IQ Financial Systems for $40m" (in en). 2004-01-09. https://www.finextra.com/newsarticle/10904/misys-acquires-iq-financial-systems-for-40m. 
  10. ↑ "Misys acquires banking risk management firm Almonde" (in en). 2005-07-08. https://www.finextra.com/newsarticle/13953/misys-acquires-banking-risk-management-firm-almonde. 
  11. ↑ "Misys buys Germany's Intesio for EUR10m" (in en). 2006-02-14. https://www.finextra.com/newsarticle/14904/misys-buys-germanys-intesio-for-eur10m. 
  12. ↑ "Misys buys trade finance outfit NEOMAlogic" (in en). 2006-03-28. https://www.finextra.com/newsarticle/15109/misys-buys-trade-finance-outfit-neomalogic. 
  13. ↑ "Misys appoints Mike Lawrie group chief executive" (in en). 2006-10-16. https://www.finextra.com/newsarticle/16040/misys-appoints-mike-lawrie-group-chief-executive. 
  14. ↑ Misys Sells Off Sunquest, CPR, Exiting the Hospital Systems Business
  15. ↑ "Allscripts, Misys announce merger | Healthcare IT News". 2009-06-26. http://www.healthcareitnews.com/news/allscripts-misys-announce-merger. 
  16. ↑ Misys to Buy Software Vendor Sophis for $593 Million Bloomberg, 12 November 2010
  17. ↑ Misys In Talks Over Merger With Swiss Rival Temenos After Fidelity Failure Bloomberg, 3 February 2012
  18. ↑ "Misys agrees to be bought by Vista for £1.3bn". BBC. 19 March 2012. https://www.bbc.co.uk/news/business-17429412. 
  19. ↑ "Misys Acquires IND Group to Create Power House in Retail Banking Solutions" (Press release). Retrieved 4 March 2018.
  20. ↑ "Misys Merges with Turaz to Create the Number One Provider of Financial Services Software". American Banker. 11 August 2014. https://www.prnewswire.com/news-releases/misys-merges-with-turaz-to-create-the-number-one-provider-of-financial-services-software-156205785.html. 
  21. ↑ "Misys Acquires Loan Software Vendor Custom Credit Systems". American Banker. 11 August 2014. https://www.americanbanker.com/news/misys-acquires-loan-software-vendor-custom-credit-systems. 
  22. ↑ Ligaya, Armina (13 March 2017). "DH Corp to be acquired by Vista Equity Partners, merged with U.K.-based software provider Misys". Financial Post. http://business.financialpost.com/news/fp-street/dh-corp-to-be-acquired-by-vista-equity-partners-merged-with-u-k-based-software-provider-misys. 
  23. ↑ "Launch of Finastra" (Press release). D+H. 13 March 2017. Retrieved 3 March 2018.
  24. ↑ "Finastra acquires eFX trading platform provider Olfa Soft – IBS Intelligence". IBS Intelligence. 30 January 2018. https://ibsintelligence.com/ibs-journal/ibs-news/finastra-acquires-efx-trading-platform-provider-olfa-soft/. 
  25. ↑ "Finastra Buys FX Platform Provider Olfa Soft". WatersTechnology.com. 30 January 2018. https://www.waterstechnology.com/trading-floor-technologies/3481826/finastra-buys-fx-platform-provider-olfa-soft. 
  26. ↑ "Finastra launches sandbox for fintech companies in Hong Kong | Global Trade Review (GTR)". Global Trade Review (GTR). 13 April 2018. https://www.gtreview.com/news/fintech/finastra-launches-sandbox-for-fintech-companies-in-hong-kong/. 
  27. ↑ Finastra Acquires Mobile Banking Provider Malauzai
  28. ↑ Groenfeldt, Tom. "Finastra Develops An Open Platform For Banking Apps". Forbes. https://www.forbes.com/sites/tomgroenfeldt/2018/06/07/finastra-develops-an-open-platform-for-banking-apps/. 
  29. ↑ "Finastra launches cloud platform to help banks link to fintechs". American Banker. https://www.americanbanker.com/news/finastra-launches-cloud-platform-to-help-banks-link-to-fintechs. 
  30. ↑ 30.0 30.1 "Davis + Henderson: A Canadian play on the U.S. recovery". https://www.theglobeandmail.com/globe-investor/investment-ideas/cheque-please-a-canadian-play-on-the-us-recovery/article16420184/. 
  31. ↑ 31.0 31.1 "Checking In on Davis + Henderson" (in en-CA). 2013-10-07. https://www.fool.ca/2013/10/07/checking-in-on-davis-henderson/. 
  32. ↑ "D+H Completes Acquisition of Harland Financial Solutions" (in en). https://www.banktech.com/core-systems/dh-completes-acquisition-of-harland-fina/240160079. 
  33. ↑ De Vynck, Gerrit (30 March 2015). "DH Buys Financial Software Maker Fundtech for $1.25 Billion". https://www.bloomberg.com/news/articles/2015-03-30/dh-to-buy-financial-software-maker-fundtech-for-1-25-billion. 
  34. ↑ "D+H adds blockchain capabilities to payments platform" (in en-US). 2016-02-03. https://www.theglobaltreasurer.com/2016/02/03/dh-adds-blockchain-capabilities-to-payments-platform/. 
  35. ↑ Ligaya, Armina (13 March 2017). "DH Corp to be acquired by Vista Equity Partners, merged with U.K.-based software provider Misys" (in en-CA). https://financialpost.com/news/fp-street/dh-corp-to-be-acquired-by-vista-equity-partners-merged-with-u-k-based-software-provider-misys. 

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