Misys goes to Vista for 1,27 b£ to combine Misys and Turaz

The Independent Misys Directors and the Bidco Directors have reached […]

March 19, 2012

The Independent Misys Directors and the Bidco Directors have reached agreement on the terms of a recommended cash acquisition of Misys by Magic Bidco, an investment vehicle indirectly owned by the Vista Funds.

The Acquisition values the entire existing and to be issued ordinary share capital of Misys at approximately £1,266.8 million.

“Vista is delighted to announce today’s transaction, together with the Independent Misys Directors and the Misys management team, Robert F. Smith, Chairman and CEO of Vista Equity Partners said. Misys is a leading provider of software to the financial services industry with exceptional employees, high quality products and impressive clients. Through our deep experience with enterprise software companies, we believe that Misys has an attractive future that we plan to invest in and grow. With the combination of Misys and Turaz, one of our existing portfolio companies, we are creating the global leader in core banking, treasury management, capital markets and enterprise risk management software headquartered in the global banking centre, London.”

“The Independent Misys Directors believe that the offer from Vista of 350 pence per share is an attractive value for Misys Shareholders and represents a valuation that captures the organic growth potential of the Misys business whilst providing certainty, in cash, to shareholders.”
Sir James Crosby, Chairman of Misys.

“The Independent Misys Directors recognise the benefits that Vista will bring to the Misys business through its experience in the enterprise software industry and its strong operational expertise, Sir James Crosby, Chairman of Misys added. The Independent Misys Directors believe that Vista recognises the skills and experience of the existing management and employees of Misys and welcomes Vista’s stated intention that the management of Misys will continue to play a leading role in the future of Misys under their ownership.”

“The Misys management team is excited to embark upon this next phase of growth with an exceptional partner in Vista Equity Partners, commented Tom Kilroy, Acting CEO and General Counsel of Misys, said:. Having spent time with the team at Vista it became clear that their operational focus and their deep expertise and experience with enterprise software companies will have an immediate and positive impact on our ability to enhance the value we provide our customers. Misys will become part of a family of enterprise software companies that together form one of the largest software groups in the world.

We are also looking forward to combining our core banking solutions and our capital markets solutions with the trading and enterprise risk management solutions from Turaz.  The combined company will be the global leader in delivering solutions to the financial services industry and will have over 1,700 customers across the world.”

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