Events are progressing quickly at Misys following its acquisition by Vista Equity Partners (see here for the background). Following the delisting of the UK banking software provider from the London Stock Exchange on June 1, it has been announced that it will be merged with Turaz (formerly the Thomson Reuters trade and risk management business), another of Vista Equity Partners’ recent purchases in the financial space. The new entity will operate under the Misys brand and be run by Vista executive Bret Bolin.
Bolin was appointed to run Turaz in January this year. Before that he was CEO of P2 Energy Solutions, another Vista portfolio company that provides financial and accounting software, geospatial data, land asset management tools, well lifecycle management solutions and outsourcing services to the oil, gas and alternative energy sectors. It is not a banking or trade management background but given the uncertain state of the banking software market, an alternative approach could be a good thing.
More change is expected at Misys. During the bidding for Misys, Vista Equity Partners said it would carry out a review of Turaz and Misys to determine whether head count reductions were needed, and to work out how to take advantage the expanded product offerings and the combined customer base. That could mean the integration of Misys and Turaz products but nothing has been announced so far. It is very early days in the life of the new entity that wants to be a key player in the banking software market and the roadmap has yet to be laid down.
