A company that began life as an insurance software firm nearly four decades ago is now set to make a comeback in the London markets following four years of private ownership with a £5.5 billion floatation.
According to a
Financial Times report, Misys was bought by Vista Equity Partners back in 2012 for $1.3 billion after spending around a decade with issues in improving its performance. However, according to Vista, the company has now increased its revenue by a factor of 1.7 times and is a significantly stronger business leading to rumours of a float.
Now investor appetite is set to be tested with Nadeem Syed, chief executive of Misys telling the
Financial Times that the software company has undergone a transformation.
“The only thing the same is the name above the door,” he remarked.
He noted that there has been a “root and branch overhaul” of the business and that it has also been merged with other companies, including former Thomson Reuters Kondor Unit Turaz and IND, an online and mobile banking software developer based in Hungary.
According to Syed, it was an obvious step to return to the London market.
“London is our back yard and it is natural to come back to the UK markets,” he told the publication. “We want to send a message that London is a financial centre and is open for business.”
Even though there has been a slowdown in the IPO market, falling around 26% compared to last year, Vista is said to be “immensely confident” about the float.
Misys began life in 1979 as an insurance software company before expanding to become one of the largest providers of banking software and US healthcare software.
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