San Francisco-based private equity firm Vista Equity Partners has finalized its $2.6 billion all-cash takeover of U.K. financial services vendor Misys, and announced it will merge the company with business banking software provider Turaz, which Vista previously acquired.
Turaz, the maker of the Kondor+ risk management software product line, and Misys are now one company and will operate under the name Misys. Turaz CEO Bret Bollin was appointed CEO of the new company.
"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," said Bollin.
Vista said combining the new companies will create an opportunity to offer its customers access to a larger pool of expertise and domain knowledge, in combination with a comprehensive portfolio of software solutions.
"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," read a statement from the company.
The new company now has 5,000 employees and 1,800 customers in 120 countries.