Misys to merge with Canadian fintech rival

Misys to merge with Canadian fintech rival

Misys is merging with Canadian fintech rival DH Corp.

Vista, the US private equity group that owns Misys, announced plans on Monday to acquire the Toronto-listed company.

The deal values the Canadian financial services provider at just over $2bn.

It also comes months after Vista scrapped plans to float Misys on the London Stock Exchange amid the market volatility following Brexit.

DH said in December that it had received expressions of interest from unidentified parties.

Earlier in its history DH printed cheques for all of Canada's major banks under the name Davis + Henderson.

It has since evolved into a more diverse company focused on the financial services industry.

Misys technology covers lending, treasury, capital markets and investment management.

Both firms said on Monday that the merger would create “one of the largest fintech companies in the world and market leader in corporate banking.”

Nadeem Syed, Misys chief executive, added: “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.

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