D+H to be acquired, merged with Misys

Mar 14, 2017, 00:41
D+H to be acquired, merged with Misys

Financial software firm Misys is to merge with Canada's DH Corp, its owner announced today.

D+H Monday said it has entered into a definitive agreement where Vista will acquire all of the outstanding shares of its parent company DH Corp. for $18.96 per share in cash. It would also assume DH's debt - pushing the total value of the deal to $4.8 billion. If a deal is completed, Vista plans to merge DH Corp. with Misys Ltd., which it bought in 2012, the people said, asking not to be identified because the information is private.

"This seems to follow the trend for acquiring Canadian technology companies at fair but not stratospheric multiples..."

Had the IPO gone ahead, it would have been the first opportunity to invest in Misys since it was delisted from the FTSE 250 in 2012, when United States private equity group Vista Equity Partners bought the business for £1.27bn. In 2015, DH Corp. agreed to buy payment-technology provider Fundtech Ltd. for $1.25 billion as part of that effort.

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DH Corp is used by almost 8,000 banks, governments and other entities, and has 5,500 employees and $1.6-billion in revenues.

It has since evolved into a more diverse company focused on the financial services industry. From there, the stock began to slip and by October 26, 2015 - when hedge fund Lawton Park Capital Management accused DH of masking weak performance with "desperate M&A and accounting tricks" - its shares plunged 43 per cent to $16.25.

After the deal closes, Vista wants to merge DH with Misys, a United Kingdom -based software company focused on the global banking industry.

The deal, which requires approval from D+H's shareholders, is expected to complete before the end of the third quarter.