Vista Plans Potential Listing of Misys Software Business

  • Buyout fund said to also weigh other options including a sale
  • Software company could be valued at about $2 billion

Private equity firm Vista Equity Partners is exploring options for its investment in U.K. financial software provider Misys, including an initial public offering, according to people familiar with the matter.

Vista is speaking to advisers and may also consider a sale, the people said, asking not to be named because the talks are private. A sale could value the business at about $2 billion, two of the people said. The deliberations are at an early stage, and no final decisions have been made, they said.

A spokesman for Vista declined to comment. 

Publicly traded peers, including Fidelity National Information Services Inc., Fiserve Inc. and Switzerland’s Temenos Group AG, trade at a median value of around 13-times earnings before interest, taxes, depreciation and amortization, according to July research from Royal Bank of Canada. Misys has annual Ebitda of about 300 million pounds ($398 million), two of the people said.

Vista agreed to buy Misys in 2012 for 1.3 billion pounds, taking the company private. Vista subsequently combined the business with Turaz, Thomson Reuters Corp.’s former trade and risk management business. The business continued to grow through add-on acquisitions including Custom Credit Systems and IND Group in 2014, according to Vista’s website.

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