Vista Equity Partners is conducting an early-stage strategic review of Finastra, the London-headquartered software provider serving banks and other financial institutions. Morgan Stanley is advising on options that could include a full sale, a partial stake divestment, a merger or an acquisition. Blackstone is among prospective bidders studying the company, while sources cautioned that no transaction is certain. Valuations discussed range from more than the high-single-digit billions to as much as $12 billion, with Finastra expected to generate $650 million in EBITDA (earnings before interest, taxes, depreciation and amortization) this year. The review comes as investor interest in financial software improves, despite uncertainty about artificial intelligence’s potential effect on business models and profitability. Since Chris Walters became chief executive in January 2025, Finastra has sold noncore units to focus on payments and lending software.