Printer Friendly

BISYS ANNOUNCES AGREEMENT TO PURCHASE 401-K RECORDKEEPING BUSINESS

 /following is repeat from yesterday to points needed/
 LITTLE FALLS, N.J., June 30 /PRNewswire/ -- The BISYS Group, Inc.


(NASDAQ: BSYS), announced today that the company has signed an agreement to purchase The Barclay Group, Inc.
 With a purchase price of $10 million, BISYS anticipates the transaction will be non-dilutive to earnings per share in fiscal 1994. Barclay's revenue for the trailing 12 months was approximately $9 million, with margins approaching BISYS' company average.
 Barclay, a subsidiary of the Ethyl Corporation (NYSE: EY), located in Ambler, Pa., provides administrative support and recordkeeping for 401-K plans to more than 2,000 individual companies.
 Barclay works closely with investment management partners, providing marketing and proposal support for the sales representatives of the brokerage, insurance and mutual fund organizations which distribute Barclay services.
 "We have long targeted the 401-K arena as a natural next step for BISYS, so Barclay is a key acquisition for us," according to Lynn Mangum, chairman and chief executive officer of BISYS. "This transaction expands our financial services recordkeeping into the 401-K marketplace, and we now have the opportunity to package 401-K services for the commercial customers among our client banking organizations. Barclay services the fastest growing segment of the 401-K marketplace, and we see tremendous potential for the creation of new plans for companies with less than 1,000 employees.
 "Barclay has high client satisfaction, fully featured products and services, and over 90 percent of the revenues are recurring. These characteristics, combined with a talented, seasoned management team, make The Barclay Group an excellent complement to BISYS' overall businesses," Mr. Mangum said.
 "Joining BISYS will enhance our technological capabilities and strengthen our service for existing and future customers," said Al Shemtob, president of Barclay. "BISYS shares our operating philosophy and strategic goals, and we are pleased to be joining this leader in outsourcing services for financial organizations."
 The BISYS Group, Inc., is a leading national provider of information processing and loan services for banking institutions. Headquartered in Little Falls, The BISYS Group, Inc., and its subsidiary companies service over 500 financial institutions.
 -0- 6/30/93
 /CONTACT: Lynn J. Mangum, chairman/chief executive officer, or Robert J. McMullan, senior vice president/chief financial officer of BISYS, 201-812-8600/
 (BSYS EY)


CO: The BISYS Group, Inc.; The Barclay Group, Inc.; Ethyl Corporation ST: New Jersey, Pennsylvania IN: SU: TNM

GK -- NY073 -- 7640 07/01/93 10:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 1, 1993
Words:398
Previous Article:DUFF & PHELPS: THE CANADA LIFE ASSURANCE COMPANY CLAIMS PAYING ABILITY RATED 'AAA'; ALSO RATES TWO SUBSIDIARIES
Next Article:STANDARD & POOR'S STOCK PRICE INDEX OPENING, THURSDAY, JULY 1 /PRN/
Topics:


Related Articles
BISYS ANNOUNCES AGREEMENT TO PURCHASE 401-K RECORDKEEPING BUSINESS
BISYS AND FIRST CHICAGO TO LAUNCH 401(K) PLAN
CFI PROSERVICES TO BECOME PROVIDER OF HOME BANKING SOFTWARE TO THE BISYS GROUP
BISYS AND BOTTOMLINE TECHNOLOGIES, INC. INTRODUCE NEW CHECK PRINTING TECHNOLOGY
BISYS Selected By Putnam Savings Bank For Outsourcing Agreement
BISYS(R) Plan Services Signs National Life Insurance Company As A New Financial Partner.
BISYS(R) Plan Services Enhances Clients' Internet Access - Systems Upgrade Adds Functionality and Ensures Y2K Compliance -.
BISYS(R) Names Christopher M. Guarino President of Plan Services Division.
BISYS(R) Introduces Single Source 401(k)(TM) Program - Innovative Program Expands BISYS' Competitively Distinct Array of Plan Services -.
BISYS(R) Expands Relationship with Prudential Retirement Services - Recordkeeping for More Than 1,000 401(k) Plans Being Outsourced to BISYS -.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters