This article may have been created or edited in return for undisclosed payments, a violation of Wikipedia's terms of use. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. (December 2020) |
This article may be in need of reorganization to comply with Wikipedia's layout guidelines .(January 2021) |
Type | Private |
---|---|
Industry | IT |
Founded | 2017 |
Headquarters | London, England, UK |
Products | financial software |
Revenue | USD $1.9 billion |
Owner | Vista Equity Partners |
Number of employees | 10,000+ (2021) |
Website | finastra |
Finastra is a financial software company headquartered in London, England. [1] The company offers a portfolio of products and solutions to the retail banking, transaction banking, lending, and treasury capital markets. [2] 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. [3] At the time of its formation, Finastra was considered the third-largest financial services company in the world. [4]
The company was founded by Roger Morgan and Kevin Lomax as Misys to develop insurance software. [5]
In 1997, it bought Medic Computer Systems, a healthcare software business. [6]
In June 2001, Misys bought DBS Management, a supplier of software to Independent Financial Advisors. [7]
In June 2001, Misys bought Sunquest Information Systems, a United States-based supplier of medical systems software. [8]
In January 2004, Misys bought IQ Financial Systems from Deutsche Bank. [9]
In July 2005, Misys, bought Almonde. [10]
In February 2006, Misys bought Intesio. [11]
In March 2006, Misys bought NEOMAlogic. [12]
Mike Lawrie was appointed CEO in October 2006. [13]
In July 2007, Misys sold its diagnostic information software division to Vista Equity Partners. [14]
In October 2008, Misys' subsidiary, Misys Healthcare, was merged with Allscripts, a medical records business, to become Allscripts-Misys Healthcare Solutions, Inc. [15]
In November 2010, Misys bought Sophis, a provider of portfolio and risk management software. [16]
In February 2012, Misys entered into merger talks with its Swiss rival Temenos. [17] 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. [18]
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. [19]
In February 2014, Misys bought Hungary-based IND Group, a supplier of online and mobile banking software. [20]
In August 2014, Misys bought Custom Credit Systems, a US-based supplier of credit workflow and loan origination software. [21]
In March 2017, D+H announced that it would be acquired by Vista Equity Partners and combined with Misys [22]
In June 2017, the merger with D+H was completed, and the company was rebranded as Finastra [23]
In January 2018, Finastra acquired Olfa Soft for its FX e-trading platform for financial institutions. [24] [25]
In April 2018, Finastra launched an innovation lab in Hong Kong to enable collaboration between banks and other fintech companies. [26]
In June 2018, Finastra announced it acquired Malauzai (Austin, Texas), a provider of mobile and internet banking solutions for community financial institutions. [27]
In June 2018, Finastra, launched FusionFabric.cloud, an open platform to develop apps, connect ecosystems and foster collaboration between banks and fintechs. [28] [29]
Following a series of acquisitions starting in 2005, D+H shifted its business to providing financial technology services worldwide. [30]
In 2011, D+H went public on the Toronto Stock Exchange. It acquired Mortgagebot [30] and ASSET Inc. in 2011, Avista Solutions in 2012, [31] Harland Financial Solutions [32] and Compushare in 2013, [31] and Fundtech (for $1.25b) in 2015. [33]
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. [34]
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. [35]
BankServ was a legacy financial services company headquartered in Enterprise, Nevada that developed electronic banking software and operated outsourced data processing centers used by banks and other businesses to move money electronically. BankServ was founded in 1996 and did business with over 400 banks in more than 50 countries, primarily supplying banks with the behind-the-scenes programs used for remote deposit, internet bill payment, mobile payments, wire transfer payments and sending messages over the international SWIFT network.
Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2020 it offers its solutions in three primary segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.
Thomson Reuters Corporation is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, and is currently headquartered in Eagan, Minnesota, U.S.
Temenos AG is a company specialising in enterprise software for banks and financial services, with its headquarters in Geneva, Switzerland. Temenos was initially created in 1993, and has been listed on the Swiss stock exchange since 2001.
VERMEG is an international software group operating across several lines of B2B services: pensions & insurance, wealth & asset management, financial & security markets and Digital Financial Services. The company develops software used across the private banking sector, consumer finance, asset management companies, Central banks, insurance and other financial services providers covering insurance policy administration, asset portfolio management, regulatory reporting, collateral management, post-trade processing, low code application development, business process management and risk management.
Sunquest Information Systems Inc. is a U.S. developer of medical laboratory and diagnostic software. It was founded in 1979 and as of 2012, is a subsidiary of Roper Technologies. Sunquest software includes clinical diagnostic data management, blood bank data management, molecular diagnostics analysis and reporting, and multi-laboratory inter-connectivity.
Veradigm is a publicly traded American company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic health record (EHR) technology. Veradigm also provides products for patient engagement and care coordination, as well as financial and analytics technology. The company has more than 180,000 physician users and has products in 2,700 hospitals and 13,000 extended care organizations. The company formally changed its name from Allscripts to Veradigm in January 2023.
Kindle Banking Systems was a banking solutions company that originated from a bespoke banking systems project in 1979 for the Irish merchant bank Ansbacher Bank. Its main product was a modular banking system known as Bankmaster. The system originally ran on the ICL hardware platform ― the relationship with the UK-based computer manufacturer facilitated Kindle establishing a significant customer base in Asia and Africa.
Vista Equity Partners is one of the largest American private equity firms focused on financing software, data, and technology-enabled businesses. Vista has invested in hundreds of companies, including Citrix, Ping Identity, and Marketo.
Netsmart Technologies is an American company that develops and sells health information technology, including for electronic health records and health information exchanges, for organizations and entities in the behavioral health, human services, and post-acute care markets.
Synechron Inc. is a New York-based information technology and consulting company focused on the financial services industry including capital markets, insurance, banking, cards & payments and digital.
D+H was a Canadian global payments and lending technology provider serving nearly 8,000 financial institutions, specialty lenders, community banks, credit unions, governments and corporations, including Canada's five largest banks. D+H was headquartered in Toronto, Ontario, and had more than 5,500 employees in 15 countries, with annual revenues in excess of $1.5 billion. Following its acquisition of Harland Financial Solutions in 2013, over a third of D+H's business was based in the US.
SumUp is a global financial technology company headquartered in London, United Kingdom. SumUp supports more than 3.5 million merchants in over 30 markets worldwide, and operates a product suite of tailor-made business tools created specifically for the micro and nano segment.
PayU is a Netherlands-based payment service provider to online merchants. The company was founded in 2002, and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. As of 2018, the service is available in 17 countries. The firm is owned by the Naspers Group, which also owns a stake in one of its sister companies, Tencent.
Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021.
Entersekt is a Stellenbosch, South Africa-based fintech provider of mobile-based authentication and app security software protecting online and mobile banking and transactions.
Ohpen is a Dutch financial technology company that built the first core-banking platform in the cloud. Ohpen is a platform for mortgage/consumer lending origination and the administration of savings-, investment- and mortgage products. The company provides a cloud-based alternative for financial institutions such as banks, mortgage lenders, building societies and pension funds to legacy systems and processes. More than 300 people work at the company’s Amsterdam headquarters and its offices in Antwerp, London, Barcelona, Bratislava and Zilina.
CR2 is an Irish-owned banking software company which provides mobile, internet and ATM financial service technology to more than 100 retail banks across Africa, the Middle East and Asia. Headquartered in Dublin, Ireland, the company has offices in Dubai, London, Cairo, Amman, Bengaluru, Lagos, Johannesburg, Singapore and Perth. Its customers include ANZ, Barclays, Standard Chartered, Botswana Savings Bank, Jordanian Bank al Etihad, pan-African bank Orabank, and Nigeria’s Access Bank plc and Diamond Bank.
Refinitiv is an American-British global provider of financial market data and infrastructure. The company was founded in 2018. It is a subsidiary of London Stock Exchange Group after a US$27 billion sale from previous owners Blackstone Group LP which held a 55% stake and Thomson Reuters which owned 45%. The company has an annual turnover of $6 billion with more than 40,000 client companies in 190 countries.
GoCardless is a fintech company that specialises in bank payments including recurring payments, Direct Debit processing and Open Banking. GoCardless is headquartered in London.