British fintech firm Misys has merged with Canadian fintech firm D+H to create a new diversified financial software firm known as Finastra.
The combined entity will be the third largest fintech firm worldwide and will offer a range of solutions covering retail banking, transaction banking, lending, and treasury and capital markets.
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The privately held Finastra will be based in London, with a North American headquarters located in Toronto. The entity will have over 9,000 customers across 130 countries, including 48 of the top 50 banks across the globe, and a workforce of about 10,000.
The merged group will be headed by Nadeem Syed, who previously served as the CEO of Misys.
“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,” Syed stated.
The merger of Misys and D+H follows the acquisition of the latter by Misys owner Vista Equity Partners in March 2017 for $2bn.
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