Misys pounds 6m for French connection.
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.