Turaz to Merge with Misys

Vista Equity Partners, a private equity firm with approximately $6 billion in committed equity capital, has completed its acquisition of IT provider Misys.

Software provider Turaz, the old risk management arm of Thomson Reuters, will be incorporated within Misys as part of the acquisition. Turaz CEO Bret Bolin will become the chief executive of Misys as a result of the merger, while Turaz's Kondor+ product will be operated under the company's banner.

"The financial services industry has gone through considerable change in the last few years, with growing pressure on financial institutions to be more transparent, manage risk more effectively and serve their customers better," says Bolin. "By combining Misys with Turaz, the new organisation will stand out from the crowd in terms of both the breadth and completeness of coverage across banking, and sell-side and buy-side institutions."