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Publication date: 1 June 2012
Misys merges with Turaz to create the number one provider of financial services software
Today Vista Equity Partners announced it has completed its acquisition of Misys. As part of this acquisition, Misys and Turaz, the business that includes the Kondor+ product line, are now one company officially operating as one under the name “Misys”.
By combining these two award-winning enterprise software companies, the new Misys will offer its customers access to an unrivalled pool of expertise and domain knowledge, in combination with the most comprehensive portfolio of software solutions available on the market today. As the trusted provider to 1,800 customers in 120 countries and with the broadest solution suite available, Misys has the scale and ability to serve customer’s capital markets and banking needs across all geographies and market segments.
The new Misys is uniquely positioned to help customers address the complex problems that banks and financial institutions encounter across the entire breadth and depth of their banking and trading book. Leveraging the combined strength of these two organizations, customers will be able to realise the value of an extended and aligned solution set, improved customer focus, increased capabilities, and extended team capacity.
“The financial services industry has gone through considerable change in the last few years, with growing pressure on financial institutions to be more transparent, manage risk more effectively and serve their customers better,” states the newly appointed Misys CEO, Bret Bolin. “Our clients are focused on making sure their businesses are operating as efficiently as possible while still maintaining their competitive edge. Misys is unique in its ability to help banks of all sizes look at their organisation’s most complex problems at both an enterprise as well as a granular level. By combining Misys with Turaz the new organisation will stand out from the crowd in terms of both the breadth and completeness of coverage across banking, and sell-side and buy-side institutions.”
Cubillas Ding, Research Director at Celent, adds, “In an environment where change is rapid and budgetary constraints are real, firms that we observe are successful in pushing IT budgets further and taking costs out of the business are pursuing paths to consolidate applications, reduce integration costs, and rationalize supplier relationships in order to drive higher efficiencies and manage the excessive costs of complexity. Firms that draw on technology-enabled delivery models, executed in an agile, flexible and timely manner and have the broadest product footprint across both the banking and trading book are likely to emerge as early winners.”