Finastra
{{Short description|Software companies of the United Kingdom}}
{{Undisclosed paid|date=December 2020}}
{{Cleanup reorganize|date=January 2021}}
{{EngvarB|date=September 2018}}
{{Use dmy dates|date=September 2018}}
{{Infobox company
| name = Finastra
| logo = Finastra Logo 2024.png
| logo_size = 240px
| type = Private
| foundation = {{start date and age|2017}}
| location = London, England, UK
| key_people =
| industry = IT
| owner = Vista Equity Partners
| revenue = USD $1.9 billion
| products = financial software
| num_employees = 7,000+ (2023)
| homepage = {{URL|https://finastra.com}}
}}
Finastra is a financial software company headquartered in London, England.[https://find-and-update.company-information.service.gov.uk/company/FC034398 Finastra Limited: Company number FC034398]. Companies House. Accessed August 2021. The company sells to the retail banking, transaction banking, lending, and treasury capital markets.{{Cite web|title=Finastra|url=https://www.bobsguide.com/companies/finastra/|access-date=2021-12-25|website=Bobsguide|language=en-US}} 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.{{Cite web|title=Misys and D+H Are Now 'Finastra' {{!}} FTF News|url=https://www.ftfnews.com/misys-and-dh-are-now-finastra/17470|access-date=2021-12-25|website=www.ftfnews.com|language=en-US}} At the time of its formation, Finastra was considered the third-largest financial services technology company in the world.{{Cite web|date=2017-06-14|title=Misys and D+H combine as Finastra|url=https://www.finextra.com/newsarticle/30690/misys-and-dh-combine-as-finastra|access-date=2021-12-25|website=Finextra Research|language=en}}
Misys history
= 1970 to 2000 =
The company was founded by Roger Morgan and Kevin Lomax as Misys to develop insurance software.{{Cite web|title=Profile: Kevin Lomax Chairman of Misys Making an after-dinner mint. - Free Online Library|url=https://www.thefreelibrary.com/Profile:+Kevin+Lomax+Chairman+of+Misys+Making+an+after-dinner+mint.-a060539888|access-date=2020-09-18|website=www.thefreelibrary.com}}
In 1997, it bought Medic Computer Systems, a healthcare software business.{{cite web
| url = http://www.faqs.org/abstracts/Business/Misys-pays-heavily-for-tonic-Micro-Focus-gets-tooled-up-in-the-US.html
| title = Misys pays heavily for tonic
}}
= 2000 to present =
In June 2001, Misys bought DBS Management, a supplier of software to Independent Financial Advisors.{{Cite web|date=2001-06-20|title=Misys buys DBS to boost advice arm|url=http://www.theguardian.com/business/2001/jun/20/12|access-date=2020-09-18|website=the Guardian|language=en}}
In June 2001, Misys bought Sunquest Information Systems, a United States-based supplier of medical systems software.{{Cite web|date=2001-06-26|title=Misys buys Sunquest for £286m to tighten US hold|url=http://www.independent.co.uk/news/business/news/misys-buys-sunquest-for-286m-to-tighten-us-hold-9225102.html|access-date=2020-09-18|website=The Independent|language=en}}
In January 2004, Misys bought IQ Financial Systems from Deutsche Bank.{{Cite web|date=2004-01-09|title=Misys acquires IQ Financial Systems for $40m|url=https://www.finextra.com/newsarticle/10904/misys-acquires-iq-financial-systems-for-40m|access-date=2020-09-18|website=Finextra Research|language=en}}
In July 2005, Misys, bought Almonde.{{Cite web|date=2005-07-08|title=Misys acquires banking risk management firm Almonde|url=https://www.finextra.com/newsarticle/13953/misys-acquires-banking-risk-management-firm-almonde|access-date=2020-09-18|website=Finextra Research|language=en}}
In February 2006, Misys bought Intesio.{{Cite web|date=2006-02-14|title=Misys buys Germany's Intesio for EUR10m|url=https://www.finextra.com/newsarticle/14904/misys-buys-germanys-intesio-for-eur10m|access-date=2020-09-18|website=Finextra Research|language=en}}
In March 2006, Misys bought NEOMAlogic.{{Cite web|date=2006-03-28|title=Misys buys trade finance outfit NEOMAlogic|url=https://www.finextra.com/newsarticle/15109/misys-buys-trade-finance-outfit-neomalogic|access-date=2020-09-18|website=Finextra Research|language=en}}
Mike Lawrie was appointed CEO in October 2006.{{Cite web|date=2006-10-16|title=Misys appoints Mike Lawrie group chief executive|url=https://www.finextra.com/newsarticle/16040/misys-appoints-mike-lawrie-group-chief-executive|access-date=2020-09-18|website=Finextra Research|language=en}}
In July 2007, Misys sold its diagnostic information software division to Vista Equity Partners.[http://histalk.blog-city.com/misys_sells_off_sunquest_cpr_exiting_the_hospital_systems_.htm Misys Sells Off Sunquest, CPR, Exiting the Hospital Systems Business] {{webarchive|url=https://web.archive.org/web/20110708013905/http://histalk.blog-city.com/misys_sells_off_sunquest_cpr_exiting_the_hospital_systems_.htm |date=8 July 2011 }}
In October 2008, Misys' subsidiary, Misys Healthcare, was merged with Allscripts, a medical records business, to become Allscripts-Misys Healthcare Solutions, Inc.{{Cite web|date=2009-06-26|title=Allscripts, Misys announce merger {{!}} Healthcare IT News|url=http://www.healthcareitnews.com/news/allscripts-misys-announce-merger|access-date=2020-09-18|archive-url=https://web.archive.org/web/20090626015739/http://www.healthcareitnews.com/news/allscripts-misys-announce-merger|archive-date=26 June 2009}}
In November 2010, Misys bought Sophis, a provider of portfolio and risk management software.[https://web.archive.org/web/20101119025538/http://www.businessweek.com/news/2010-11-12/misys-to-buy-software-vendor-sophis-for-593-million.html Misys to Buy Software Vendor Sophis for $593 Million] Bloomberg, 12 November 2010
In February 2012, Misys entered into merger talks with its Swiss rival Temenos.[https://www.bloomberg.com/news/2012-02-03/misys-in-merger-talks-with-swiss-rival-temenos-after-failed-fidelity-deal.html Misys In Talks Over Merger With Swiss Rival Temenos After Fidelity Failure] Bloomberg, 3 February 2012 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.{{cite news | publisher=BBC | url = https://www.bbc.co.uk/news/business-17429412 | date = 19 March 2012 | title = Misys agrees to be bought by Vista for £1.3bn | access-date = 19 March 2012}}
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.{{cite press release |url=https://www.prnewswire.com/news-releases/misys-acquires-ind-group-to-create-power-house-in-retail-banking-solutions-244666091.html |title=Misys Acquires IND Group to Create Power House in Retail Banking Solutions |access-date=4 March 2018}}
In February 2014, Misys bought Hungary-based IND Group, a supplier of online and mobile banking software.{{cite web |url=https://www.prnewswire.com/news-releases/misys-merges-with-turaz-to-create-the-number-one-provider-of-financial-services-software-156205785.html |title=Misys Merges with Turaz to Create the Number One Provider of Financial Services Software |publisher=American Banker |date=11 August 2014 |access-date=26 April 2018}}
In August 2014, Misys bought Custom Credit Systems, a US-based supplier of credit workflow and loan origination software.{{cite web |url=https://www.americanbanker.com/news/misys-acquires-loan-software-vendor-custom-credit-systems |title=Misys Acquires Loan Software Vendor Custom Credit Systems |publisher=American Banker |date=11 August 2014 |access-date=26 April 2018}}
In March 2017, D+H announced that it would be acquired by Vista Equity Partners and combined with Misys{{cite news |url=http://business.financialpost.com/news/fp-street/dh-corp-to-be-acquired-by-vista-equity-partners-merged-with-u-k-based-software-provider-misys |title=DH Corp to be acquired by Vista Equity Partners, merged with U.K.-based software provider Misys |work=Financial Post |date=13 March 2017 |access-date=26 April 2018|last1=Ligaya |first1=Armina }}
In June 2017, the merger with D+H was completed, and the company was rebranded as Finastra{{cite press release |url=https://www.dh.com/news-events/press-releases/launch-finastra |title=Launch of Finastra |publisher=D+H |date=13 March 2017 |access-date=3 March 2018}}
In January 2018, Finastra acquired Olfa Soft for its FX e-trading platform for financial institutions.{{Cite news|url=https://ibsintelligence.com/ibs-journal/ibs-news/finastra-acquires-efx-trading-platform-provider-olfa-soft/|title=Finastra acquires eFX trading platform provider Olfa Soft – IBS Intelligence|date=30 January 2018|work=IBS Intelligence|access-date=4 June 2018}}{{Cite news|url=https://www.waterstechnology.com/trading-floor-technologies/3481826/finastra-buys-fx-platform-provider-olfa-soft|title=Finastra Buys FX Platform Provider Olfa Soft |date=30 January 2018|work=WatersTechnology.com|access-date=4 June 2018}}
In April 2018, Finastra launched an innovation lab in Hong Kong to enable collaboration between banks and other fintech companies.{{Cite news|url=https://www.gtreview.com/news/fintech/finastra-launches-sandbox-for-fintech-companies-in-hong-kong/|title=Finastra launches sandbox for fintech companies in Hong Kong {{!}} Global Trade Review (GTR)|date=13 April 2018|work=Global Trade Review (GTR)|access-date=4 June 2018}}
In June 2018, Finastra announced it acquired Malauzai (Austin, Texas), a provider of mobile and internet banking solutions for community financial institutions.[https://www.pymnts.com/news/digital-banking/2018/finastra-acquires-malauzai-mobile-banking/ Finastra Acquires Mobile Banking Provider Malauzai]
In June 2018, Finastra, launched FusionFabric.cloud, an open platform to develop apps, connect ecosystems and foster collaboration between banks and fintechs.{{Cite news|url=https://www.forbes.com/sites/tomgroenfeldt/2018/06/07/finastra-develops-an-open-platform-for-banking-apps/|title=Finastra Develops An Open Platform For Banking Apps|last=Groenfeldt|first=Tom|work=Forbes|access-date=5 September 2018}}{{Cite news|url=https://www.americanbanker.com/news/finastra-launches-cloud-platform-to-help-banks-link-to-fintechs|title=Finastra launches cloud platform to help banks link to fintechs|work=American Banker|access-date=5 September 2018}}
D+H History
Following a series of acquisitions starting in 2005, D+H shifted its business to providing financial technology services worldwide.{{Cite news|title=Davis + Henderson: A Canadian play on the U.S. recovery|url=https://www.theglobeandmail.com/globe-investor/investment-ideas/cheque-please-a-canadian-play-on-the-us-recovery/article16420184/|access-date=2020-09-18}}
In 2011, D+H went public on the Toronto Stock Exchange. It acquired Mortgagebot and ASSET Inc. in 2011, Avista Solutions in 2012,{{Cite web|date=2013-10-07|title=Checking In on Davis + Henderson|url=https://www.fool.ca/2013/10/07/checking-in-on-davis-henderson/|access-date=2020-09-18|website=The Motley Fool Canada|language=en-CA}} Harland Financial Solutions{{Cite web|title=D+H Completes Acquisition of Harland Financial Solutions|url=https://www.banktech.com/core-systems/dh-completes-acquisition-of-harland-fina/240160079|access-date=2020-09-18|website=Bank Systems & Technology|language=en}} and Compushare in 2013, and Fundtech (for $1.25b) in 2015.{{Cite web|last=De Vynck|first=Gerrit|date=30 March 2015|title=DH Buys Financial Software Maker Fundtech for $1.25 Billion|url=https://www.bloomberg.com/news/articles/2015-03-30/dh-to-buy-financial-software-maker-fundtech-for-1-25-billion|access-date=2020-09-18|website=Bloomberg}}
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.{{Cite web|date=2016-02-03|title=D+H adds blockchain capabilities to payments platform|url=https://www.theglobaltreasurer.com/2016/02/03/dh-adds-blockchain-capabilities-to-payments-platform/|access-date=2020-09-18|website=The Global Treasurer|language=en-US}}
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.{{Cite news|title=DH Corp to be acquired by Vista Equity Partners, merged with U.K.-based software provider Misys|url=https://financialpost.com/news/fp-street/dh-corp-to-be-acquired-by-vista-equity-partners-merged-with-u-k-based-software-provider-misys|access-date=2020-09-18|website=Financial Post|date=13 March 2017 |language=en-CA|last1=Ligaya |first1=Armina }}
References
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Category:Companies formerly listed on the London Stock Exchange
Category:Software companies of the United Kingdom
Category:Companies based in the City of Westminster
Category:Software companies established in 1979
Category:Financial software companies
Category:Banking software companies
Category:Financial technology companies