Temenos has announced discussions regarding a possible all share merger with Misys to create a new company in the financial services software industry.
"The combined business is expected to benefit from enhanced scale and growth prospects, supported by a global, blue-chip customer base. Temenos and Misys believe that Temenos’ presence in banking, wealth management and business intelligence complements Misys’ presence in core and transaction banking, treasury capital markets and lending," Temenos said in a statement.
Misys and Temenos currently intend to merge under a new holding company that will seek a premium listing on the London Stock Exchange with a potential secondary listing on SIX Swiss Exchange. The combined group is expected to be headquartered in Switzerland.
If the merger is completed, it is intended that Misys shareholders will own the majority of the issued share capital of the combined group.
Guy Dubois, currently CEO of Temenos, will act as CEO of the combined group and Stephen Wilson, currently CFO of Misys, will act as CFO of the combined group. Both Dubois and Wilson will become members of the board of directors which will be chaired by Andreas Andreades, currently chairman of Temenos.
Mike Lawrie, CEO of Misys, has informed the board of Misys that he will be pursuing a new opportunity.
