Misys (now part of Finastra)

ValueAct took Misys private from London Stock Exchange (2012). Vista merged with D+H Corp to create Finastra (2017). Banking software for 8,500+ institutions. Misys was profitable as a public company — PE used it as an acquisition currency to build a fintech conglomerate. Now buried inside Finastra's $3.4B debt pile. The building block for Vista's most leveraged fintech bet.