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Misys pounds 6m for French connection.

Midland software group Misys has spent more than pounds 6 million buying a French rival as part of its drive to expand in Europe.

Worcester-based Misys yesterday said that it was buying French software company Groupe SIP (Systeme d'Information Patrimonial) for pounds 6.4 million in a move to strengthen its position in the global asset management market.

On completion, the newly-acquired company will be integrated into ACT Financial Systems, Misys's securities systems subsidiary.

Based in Paris and Sophia-Antipolis, near Nice, Groupe SIP was formed in 1993 and has built a successful software development and consultancy business, specialising in portfolio management solutions for the front and middle office.

SIP's clients include some of the biggest players in French finance - Banque Nationale de Paris, Credit Commercial de France Capital Management, CDC Asset Management Europe and Robeco in Paris.

Misys' shares closed the day up 3p at 522p.
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Publication:The Birmingham Post (England)
Date:Jun 8, 1999
Words:146
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