I've been at 5 shops across nearly 20 years. I've been on teams mired in promising to do a big bang rewrite of our own system. I've been on teams that had competitive teams hired to try to replace our system. I've never seen it work, not once.
It is a herculean, multi-year, double-your-current-budget effort requiring you to throw most of the functionality of your existing system out the window. It just never works out.
The naiveté is incredible. I've seen promised 6 month rewrite projects escalate into 2 year projects, and fail.. leaving the existing system live another 10 years.