Leading Indian IT firms bid to acquire UK-based Misys -Governance Now

Leading Indian IT firms bid to acquire UK-based Misys

Having a market value of 1.4 billion pounds, Misys sells software products to banking, treasury and capital markets, including the world's top 50 banks

PTI | June 24, 2011

UK-based software product vendor Misys, which is looking for a potential buyer, on Thursday confirmed that it has received preliminary bids from many companies that may or may not lead to an offer, but declined to identify the firms showing interest.

According to media reports many Indian companies including Wipro, TCS and HCL, are in race to acquire the company. "Misys has received a preliminary approach which may or may not lead to an offer being made for the company. The approach is for the whole company," Misys said in an emailed response to PTI.

Misys sells software products to banking, treasury and capital markets, has over 1,200 customers, including the world's top 50 banks. The firm employs around 4,000 people and generated group revenues of 782 million pounds in 2010, a growth of 13 per cent over the previous year.

However, the firm said, "Misys does not comment on rumours and market speculation, therefore, unable to respond in more detail to your questions at this time."

The international media is reporting that American firms Sungard, Fidelity National Information services, Fiserv and FIS Global were some of the frontrunners in the bidding race. FIS Global confirms it approached Misys about possible cash buyout offer.

Misys already has a strong system integration partnership with HCL. According to a report, Misys had already opened its books to a US suitor with a bid of above 450 pence a share. The company has a market value of 1.4 billion pounds.

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