Former Sesame owner to float on London Stock Exchange

Former Sesame owner to float on London Stock Exchange

The former owner of Sesame has announced plans to float on the London Stock Exchange.

Misys, a software firm, sold the network to Friends Provident in 2007 for £75m.

Since delisting in 2012, Misys has merged with Turaz, the former treasury and risk management software division of Thomson Reuters, as well as centralising and streamlining the business.

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Nadeem Syed, chief executive of Misys, said: “This is an exciting step for our business, at a time when the financial services industry is undergoing a historic technological shift, driven by regulatory change, a greater focus on risk management and emerging technologies.

“This represents a significant opportunity for our business.

“We have transformed Misys into an industry leading financial software company with the broadest and deepest product portfolio in the market and a best-in-class operational platform focused on the needs of our customers as they look towards addressing the challenges of an ever-changing world.

“I believe that the return to public markets as a larger, more innovative and more effective company is a logical step in our evolution.”

Misys provides “mission critical” software to financial services firms, developing and licensing proprietary software to banks and investment management firms.

By the time it sold Sesame, Misys had been trying to sell the intermediary business for around four years.

At the time it was trying to sell Sesame, Misys was struggling with sales and earnings, with underperformance in its banking and healthcare divisions.

Since buying Sesame, Friends Provident merged with Resolution to create Friends Life, which has since been bought by Aviva.

Ahead of its floatation, expected in early November, Misys has appointed John Hughes, formerly of Hewlett Packard, as chairman.

He said: “Misys is a global leader in financial software and I am delighted to have been asked to join as chairman of the company.

“The business has continued to be a technology leader, led by an experienced management team with a proven track record of delivering innovation, operational improvement and cash generation.

“I look forward to working with the other board members and the management team to create value for our shareholders. I believe that Misys has a very exciting future as a publicly listed company.”