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Beijing: Localization and local support of treasury systems.
Beijing: Localization and local support of treasury systems.
Bucharest: Main treasury systems development center.
Bucharest: Main treasury systems development center.
New York state: Treasury systems.
New York state: Commercially successful treasury systems.
Dublin: Tax efficient R&D for banking.
Dublin: Tax efficient R&D for banking.
Manila: Long lived core banking products,
Manila: Long lived core banking products.
Bangalore: Other banking and treasury products.
Bangalore: Cost center - other banking and treasury products.


==References==
==References==

Revision as of 15:03, 10 September 2013

Misys plc
Company typePublic limited company
(LSE: MSY)
IndustrySoftware
Founded1979
HeadquartersLondon, England
Key people
Bret Bolin (Executive Chairman)
RevenueUS$ unknown (2013)[1]
US$ unknown (2013)[1]
US$ unknown (2013)[1]
OwnerVista Equity Partners
Number of employees
5,000 (2013)[2]
Websitewww.misys.com

Misys plc is an English multinational software company headquartered in London. It specialises in software for banking and investment businesses. Formerly listed on the London Stock Exchange and a constituent of the FTSE 250 Index, Misys was acquired by the private equity firm Vista Equity Partners in June 2012.

History

1979 to 2000

The company was founded in 1979 as a computer systems supplier to UK insurance brokers.[3]

The purchase of multiple established players in respective markets by Misys under the leadership of Kevin Lomax (Chairman and/or CEO 1985-2006) allowed Misys to evolve at various times into a software supplier to the US healthcare industry, to banks (world wide) and to funds managers worldwide. Many of the companies acquired and consolidated by Misys were themselves products of previous mergers.

In 1987 Misys shares were first traded on the Unlisted Securities Market. It was admitted to the Main List of the London Stock Exchange in 1989, leveraged on the initial successes of the purchases, cross selling to an expanded client base and economies of scale arising from consolidation.

In 1994 Misys entered the banking software space by purchasing Kapiti Ltd.. In 1995 Misys purchased ACT (which included BIS and Kindle), thus rapidly giving Misys control of 3 of the 4 biggest selling core banking packages at the time. At time of purchase Midas had the biggest installed base of any "off-the shelf" banking software package.

The biggest banking software company to be brought into the Misys fold was BIS. Business Intelligence Systems or BIS Ltd in 1976 had acquired Kingsley-Smith and Associates and a software package named MIDAS developed by KSA. This banking software system was based on a concept of a core multi-currency accounting module. At the time most other International Banks worldwide worked and accounted on a 'single currency' methodology. It was marketed to and operated successfully by a number of client London Banks from 1979. From the mid to late-1980s competition to MIDAS came from vendors with systems called Kapiti, BankMaster (from Kindle) and IBIS. In 1991 ACT purchased Kindle followed by BIS in 1993 uniting two of the biggest selling products under one ownership albeit with different user bases. Midas was focused on its traditional strength of international branch banking in the world's financial centers. The simplicity of Bankmaster and its Branchpower front end sold very well to tier 3 and 4 banks in Africa and South America.

Kapiti ltd was a privatively held packaged banking software house focused on using IBM's mid range computers to server the international branch banking market. Kapiti was founded in 1975 by a Mr. John Kennedy, a New Zealand native and competed directly with the commercially more successful Midas system. Initially head quartered in London the company moved to Windsor then Slough, Berkshire. Kapiti re-branded with some success the Kapiti International Banking System (KIBS) as EQUATION 1. The combination of the port to the new IBM AS/400 platform with its increased scalability, the user friendly EQ2 user interface rework, the EQ3 data base rewrite and the addition of a client server Cashier system had allowed an expansion into retail banking. Kapiti also pursued wholesale banking by merging with Aragon international (dealing room information feeds), purchasing Future Systems (trade capture) and purchasing rights to some reporting tools. None of the acquired companies prospered under Kapiti. However the technical expertise of the Aragon team was expolited to build in house a trade finance system called Trade Innovation (TI) which was commercially successful for 20 years or so.

In 1996 Misys bought Summit Systems, an American software company selling a front-office cross-asset management system targeting investment banks' trading rooms.

In 1997 it bought Medic Computer Systems, a healthcare software business.[4]

2000 to present

In 2001 it went on to buy DBS Management plc, a supplier of software to Independent Financial Advisors.[5] It also bought Sunquest Information Systems Inc., a US supplier of clinical systems software [6] and later sold the same in 2007.[7]

In January 2004 the company bought IQ Financial Systems from Deutsche Bank for $40m,[8] then Almonde in July 2005 for €15m,[9] Intesio in February 2006 for €10m [10] and NEOMAlogic in March 2006 for €12m.[11]

Following the resignation of company founder Kevin Lomax, Misys appoints Mike Lawrie as group chief executive in October 2006.[12] In 2007 he set out a new three- to five-year strategy to turn around and improve the financial operating performance of the company.[13]

In 2008 the company announced a merger between its healthcare business and Allscripts, a medical records business. The merger was completed on 10 October 2008, and Misys plc now held a majority shareholding in the merged entity known as Allscripts-Misys Healthcare Solutions, Inc, which is listed on the NASDAQ (MDRX).[14] In June 2010, Allscripts announced a merger with Eclipsys Corporation, and that the Misys stake in Allscripts was to be reduced through a share buyback and secondary offering.[15]

On 12 November 2010, Misys announced that it had reached an agreement to acquire Sophis, a leading provider of portfolio and risk management software.[16]

Misys entered into merger talks with its Swiss rival Temenos in February 2012.[17] The deal later collapsed when the two sides were unable to agree terms. On March 19, 2012 private equity firm Vista Equity Partners announced that it had reached an agreement to acquire Misys for 350p per share, valuing the company at £1.27bn.[18] Following completion of the acquisition in June 2012, Misys merged with Turaz, the former treasury and risk management software division of Thomson Reuters, known for its Kondor suite, which had been acquired by Vista in 2011.

Operations

Misys is organised into the following four divisions:[19]

Misys Banking is the specialist banking solutions business within Misys plc with a customer base across retail banking, corporate and wholesale banking.

Misys Treasury & Capital Markets (TCM) creates integrated solutions for financial institutions to manage their capital market activities across multiple asset classes.

Misys Sophis is a leading provider of cross-asset portfolio and risk management solutions for the financial services industry. Misys Sophis enables clients to achieve better trading performance and processing capabilities, improve monitoring and reporting, and enable effective risk management across all asset classes.

Misys Open Source Solutions (MOSS) creates products to service the financial and healthcare industries. Its first two projects are in the areas of Carbon Trading and Health Information Exchanges (HIEs). The source-code for "Misys Open Source Solutions" HIE components is available at the Open Health Tools Forge under the Charter Project name OpenExchange.

Geography

Head office London, England with long established sales operations in 20 plus locations with emphasis on regional financial centers like London, NY, Singapore and Dubai.

Software is mainly developed and supported offshore, locations and responsibilities include Beijing: Localization and local support of treasury systems. Bucharest: Main treasury systems development center. New York state: Commercially successful treasury systems. Dublin: Tax efficient R&D for banking. Manila: Long lived core banking products. Bangalore: Cost center - other banking and treasury products.

References

  1. ^ a b c Preliminary Results 2011
  2. ^ Annual Report 2010
  3. ^ Kevin Lomax's rise and fall
  4. ^ "Misys pays heavily for tonic".
  5. ^ Misys buys DBS to boost advice arm
  6. ^ Misys buys Sunquest for £286 million to tighten US hold
  7. ^ Misys Sells Off Sunquest, CPR, Exiting the Hospital Systems Business
  8. ^ Misys acquires IQ Financial Systems for $40m
  9. ^ Misys acquires banking risk management firm Almonde
  10. ^ Misys buys Germany's Intesio for EUR10m
  11. ^ Misys buys trade finance outfit NEOMAlogic
  12. ^ Misys appoints Mike Lawrie group chief executive
  13. ^ Misys chief blames predecessors and unveils recovery strategy
  14. ^ Merger update
  15. ^ Allscripts and Eclipsys to Merge, Creating New Healthcare Information Technology Leader
  16. ^ Misys to Buy Software Vendor Sophis for $593 Million Bloomberg, 12 November 2010
  17. ^ Misys In Talks Over Merger With Swiss Rival Temenos After Fidelity Failure Bloomberg, 3 February 2012
  18. ^ "Misys agrees to be bought by Vista for £1.3bn". BBC Online. 19 March 2012. Retrieved 2012-03-19.
  19. ^ Misys: Solutions
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