Misys on the look-out for new targets
Misys, a private-equity backed global software provider for banks and financial institutions, could make further acquisitions to support growth, Chief Executive Officer Nadeem Syed said.
UK-based Misys aims to become the leading player in financial lending market, said Syed, adding that the company is particularly interested in retail banking, wholesale banking, capital markets, investment management as well as other lending solutions in financial software. Misys announced on Monday 11 August the acquisition of Custom Credit Systems (CCS), a Texas, US-based provider of commercial loan origination and loan workflow management software, for an undisclosed sum of money.
Potential acquisitions can happen anywhere as Misys is looking for assets all over the world, said Syed.
Misys does not have an allocated war chest for acquisitions as its profitability gives the company ‘a lot of freedom’, Syed said.
Misys’ revenues for the financial year ending on 31 May were USD 946m.
Misys was acquired by Vista Equity Partners for GBP 1.4bn in March 2012. The private equity firm is the key financial adviser for the company, Syed said. Barclays, JPMorgan Cazenove, Moelis & Company and Allen & Overy advised Misys during the sale to Vista.
In February 2014 Misys acquired IND Group, the Hungary-based developer of online and mobile banking applications, for GBP 17m.
Misys will continue growing organically with a focus on support and development, Syed said.
For the past two years the company has been growing aggressively, Syed said, adding that in this period Misys has hired 1,000 new employees.
Misys has 70 offices globally and provides its services to 2,000 customers in 120 countries, Syed said. It may list ‘at some point in the future’, Syed said, adding that currently the company is focused on growth.