Vista Equity Partners has agreed a £1.27 billion cash deal for Misys.

Having seen a Temenos bid bite the dust, it quickly moved to announce the deal. CVC Capital Partners and Misys' largest shareholder, ValueAct, have also been in the running to acquire the UK banking software outfit and are believed to be weighing up their options.

Robert F. Smith, chairman and CEO at Vista Equity Partners, says: “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 it 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.”

Sir James Crosby, chairman at Misys, comments: “The Independent Misys Directors believe that the offer from Vista of 350 pence per share is an attractive value for our shareholders and represents a valuation that captures the organic growth potential of the business whilst providing certainty, in cash, to shareholders. We recognise the benefits that Vista will bring to the business through its experience in the enterprise software industry and its strong operational expertise. We also 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.”

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