March 1, 2010 – Misys plc (FTSE: return.L), the global application software and services company, today announces the completion of its acquisition of Sophis.
The acquisition, approved by Misys shareholders on 11 February 2011, has brought together two of the leading software and services on the capital markets, resulting in a combined company with the most comprehensive cross-supply and front to back office coverage available on the market today.
Sophis solutions are used by financial institutions at both sell-side and buy-side. Their buy-side solutions help accelerate the Misys ' impact in this lucrative market. Its sell-side solutions, particularly around shares, equity derivatives and commodities areas, complementing the existing strong Misys ' solutions in interest rate derivatives, foreign exchange and fixed income, as well as its commercial lending capacity.
The two companies now have more than 1,800 dedicated domain specialists with an unrivalled knowledge and expertise covering all asset classes in all functional areas, including trade, investment decision support, portfolio management, risk management, compliance, pricing, and guarantees.
Mike Lawrie, CEO of Misys, is very pleased with the additional strength this acquisition gives the company: "this really catapults us into the No. 1 position on the market. Misys and Sophis clients will both benefit from this acquisition: Misys customers will benefit from the more advanced functionality around shares, equity derivatives, portfolio management and portfolio analytics from Sophis. Sophis clients will be able to get higher interest rate and credit derivatives, bonds and foreign exchange capacity from Misys solutions. With the great news that Sophis is now part of Misys operations, I am confident that we now can run even more value for our customers and shareholders. "
"System that allows traders, asset managers and risk managers to price and manage any instrument, regardless of complexity or asset class, encourage innovation in the capital markets, and increase transparency," says Stephen Bruel, Research Director, TowerGroup, a company that the company's Executive Board. "The ability to manage cross-border asset portfolio strategies, in combination with comprehensive risk management from front to Back on one integrated platform will keep institutions ahead of their competitors. With a single vendor offering this broad coverage has the potential to reduce the risk of financial institutions. "
Sophis solutions now have greater exposure to non-European markets, particularly the fast-growing Asian and Latin American markets, by Misys's international footprint and its existing sales orders, and infrastructure in those regions. In addition, provides new customers with a wider range of insurance cover for cross-anläggningstillgångar combined solution portfolio and wider capital markets expertise.
Sophis, Misys Sophis, a business unit of Misys, has about 130 financial institutions in their customer base. Among its customers 80 buy-side organizations such as the UBS Global asset management, Groupama Asset Management, Fidelity International and Dexia Asset Management. Customers 50 sales page include Barclays, HSBC, Natixis and Royal Bank of Canada.
Misys now has over 500 customers benefit from the broad range of capital markets solutions and generates more than 60% of its revenue from companies that combined the capital markets. Misys is a new force in the buy-side system with 13 of the top 20 capital managers and has 22 new customers in 2010.
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