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BISYS ANNOUNCES AGREEMENT TO ACQUIRELEADING RATE SURVEY BUSINESS FOR BANKS

 LITTLE FALLS, N.J., Aug. 26 /PRNewswire/ -- The BISYS Group, Inc. (NASDAQ: BSYS) announced today the signing of an agreement to acquire the Meyer Interest Rate Survey (MIRS) of Calabasas, California.
 MIRS gathers specific information on deposit and loan products offered by over 3000 banks, thrifts and credit unions on a daily, weekly or monthly basis. MIRS markets and electronically transmits this survey information in various formats and frequencies to over 700 client institutions, including twenty-two of the top twenty-five commercial banks in the nation.
 Meyer Interest Rate Survey was founded in 1983 by Alan F. Meyer who will continue to serve as Chief Executive Officer after the BISYS acquisition.
 BISYS Chairman and CEO Lynn Mangum said, "BISYS is excited to be associated with MIRS and its 700 clients. Meyer data provides valuable information used by both money center and community banks to make their daily pricing decisions."
 Mangum noted that MIRS has high client satisfaction with over 90 percent of revenues being recurring. These characteristics, combined with a talented management team, provide an excellent platform to expand the business to BISYS' existing clients and to increase marketshare through an emphasis on direct sales and other new business opportunities.
 Mangum cited additional growth potential for the MIRS business as banks expand their investment offerings into new areas such as mutual funds and annuities.
 Terms of the transaction were not disclosed and the acquisition is not expected to have a material impact on the Company's fiscal 1994 results.
 The BISYS Group, Inc. is a leading national provider of information processing, loan servicing and 401(k) administration and recordkeeping services to and through banking and other financial organizations. Headquartered in Little Falls, The BISYS Group, Inc. serves clients throughout the U.S. and employs over 1000 associates.
 -0- 8/26/93 R
 /CONTACT: Lynn J. Mangum, Chairman and Chief Executive Officer, or Robert J. McMullan, Senior Vice President and Chief Financial Officer, 201-812-8600, both of BISYS/
 (BSYS)


CO: The BISYS Group, Inc.; Meyer Interest Rate Survey ST: New Jersey, California IN: FIN SU: TNM

SM -- NY008 -- 6441 08/27/93 01:45 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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