Misys has stated it’s intentions to take the company public again after last years cancelled IPO.
The financial software company, known for supplying retail and corporate banking, pulled it’s IPO late last year, citing a lack of market interest. However, CEO Nadeem Syed, has hinted at a possible future public offering.
Misys was privately purchased by Vista Equity Partners in a deal worth just over £1 billion in 2012.
In late 2016, however, the company tried once again to go public in one of the largest tech IPO’s in years. The company initially valued itself at over £4.5 billion, though eventually settled on a valuation of £3.75 billion. The deal was ultimately pulled due to a lack of interest from the market.
In an interview with Bloomberg, Mr Syed said: “We decided to stop because the market wasn’t ready.”
“It took some people by surprise about how much transformation we had been through. We need to be more open and consistent with our communications.”
Brexit was a leading cause of several cancelled IPO’s late last year, particularly after the Conservative party’s conference which saw an increased possibility of a hard Brexit and the pound falling by 18% since June. Both Pure Gym and First Utility, announced their cancellations around the same time.
“The destination is a public company,” said Syed, with the CEO indicating that the company is expanding it’s business into new areas in an effort to increase interest.
The company is hoping to soon release a new version of it’s software which includes developments increased emphasis on machine learning and AI systems which will assist in finding discrepancies in banking systems.
Misys has also stated it’s intentions to produce software to banks that will allow them to offer peer to peer lending, banks have lost significant ground in the P2P business since startups such as Funding Circle LTD and Lending Club Corp emerged on the scene.
The company intends to be more visible with it’s offerings but after last years pulled IPO it may find itself failing to generate significant interest a second time.
