UK core banking supplier Misys has ditched its plans to float on the London Stock Exchange, citing current "market conditions".
Despite claiming overwhelming support for the move to the public market earlier this month, the private equity owners of Misys have since seen the value of the company crash in the face of Brexit scares and volatile trading conditions.
Misys initially announced plans to float in early November, confidently putting a $5 billion price tag on the value of the business.
In the weeks since the announcement, EU politicos and Tory Brexiteers have made increasingly hardline statements about terms for Britain's exit from the European Union, shattering market resilience.
With plans to lower the valuation of the company by £1 billion and sell a smaller share of the business dominating early discussions Misys has now put all plans on hold.
In a brief statement, the company says: "Despite encouraging institutional support Misys Group Limited has decided not to proceed with its potential initial public offering at the current time due to market conditions."
The float would have provided a spectacular exit for Vista Equity Partners, which acquired Misys in 2012 for just £1.27 billion after merger talks between the core banking vendor and Swiss rival Temenos collapsed.