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March 20, 2012

Misys agrees to be bought by Vista Equity Partners

Vista will acquire UK banking software services company for €1.27bn

By CBR Staff Writer

UK banking software services company Misys has agreed to be acquired by US-based equity firm Vista Equity Partners for €1.27bn ($2bn).

It was only last week that merger talks of Misys with Swiss rival Temenos fell through.

Chairman and CEO Vista Equity Partners Robert Smith in a statement said through its deep experience with enterprise software companies, Vista believes that Misys has an attractive future that it plans to invest in and grow.

Misys was quoted by Fox News as saying that the company’s independent board of directors consider the acquisition ‘fair and reasonable’ and unanimously recommend that shareholders vote in favour of the deal, which is being carried out through a so-called ‘court-sanctioned scheme.’

Misys’s acting chief executive Tom Kilroy told Reuters if any other company made an offer their company would of course talk to them, but they do not think this deal will be bettered.

"Our customers can now have complete confidence in the future of our products," said Kilroy.

Misys said 22% of its equity holders, including Schroder and Threadneedle, had backed the Vista offer.

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