The boss of banking software firm Misys is to take the helm of a new £1.7bn company called Finastra that has been formed from the British company’s merger with Canadian rival DH Corp.

Nadeem Syed has been named chief executive of the giant fintech business, which is owned by Vista Equity Partners and is the world’s third biggest financial software provider behind competitors FIS and Fiserv.

Mr Syed joined Misys in 2012 as its president and chief operating officer and was promoted to chief executive a year later.

Vista agreed to buy DH in March for C$2.7bn (£1.6bn), when it unveiled plans to merge the Toronto-listed company with Misys, which it took private for £1.3bn five years ago.

The private equity group had planned to float Misys on the London stock market last year but abandoned the share sale in October amid investor uncertainty caused by the Brexit vote.

The new combined company will be headquartered in London, Vista announced today. It generates revenues of $2.1bn (£1.7bn), employs about 10,000 staff and has more than 9,000 customers around the world, including many of the biggest banks.

“By coming together as Finastra we are committed to enhancing our ability to deliver market-leading products and services, and to being an even more strategic partner to our customers,” Mr Syed said.

The tie-up means Misys will disappear as a standalone company 38 years after the business was set up by brothers Glyn and Roger Morgan.

It was originally an IT systems supplier to the insurance broking industry but has grown to become a giant of the financial software industry.

DH traces its roots back to 1875 when it was founded as bookbinding company Davis & Henderson. Private equity firm Advent had been battling with Vista to buy the business.