Misys acquires Crossmar® Matching Service (CMS) from Citicorp
CMS will complement existing Misys Wholesale Banking Systems solutions
Misys plc, the global software products and solutions company, today announces it has acquired Crossmar® Matching Service (CMS) from Crossmar, Inc., a subsidiary of Citicorp.
CMS provides a confirmation matching service aimed primarily at foreign exchange/money market (FX/MM) transactions between banks, their corporate customers and fund managers. The CMS matching engine handles in excess of US$100bn of FX/MM transactions for over 750 customers worldwide.
CMS will become part of Misys Wholesale Banking Systems and be renamed Misys CMS. The core CMS management team – including CTO Raymond English, Sales and Marketing Director Gilmore Bray, Vice-President Cynthia Anasson and Product Manager John Hawkins – will be among more than 50 staff transferring to Misys Wholesale Banking Systems. International offices will be merged with existing Misys offices in New York, London, Tokyo and Singapore.
The acquisition, for US$13 million in cash, brings to Misys the CMS platform, infrastructure and further expertise in Web services. This will provide added impetus to enable future Application Service Provider (ASP) hosted service development across other Misys banking solutions.
Ivan Martin, Chief Executive of the Misys Banking and Securities Division, commented: “The need for independent trade confirmation is more urgent than ever. With intense pressure from regulators to keep trading and back office operations clearly separated, the CMS offering is an essential tool for those engaged in FX/MM transactions.
The CMS acquisition complements our established and highly successful wholesale banking business, which already has substantial experience of handling interparty trades via the SWIFT payment network. CMS is a proven, functionally-rich service based on advanced Internet technology and already enjoys high levels of customer satisfaction and loyalty. We aim to maintain and grow those levels of satisfaction so that all of our customers receive a world-class service.”
Gilmore Bray, Sales and Marketing Director, CMS, added: “CMS clients will benefit substantially. Misys will enable us to broaden the financial instruments matched on CMS, enhance functionality, and provide clients with seamless interaction with counterparties and internal systems. Misys is a firmly established market leader in developing financial software solutions and is well positioned to provide a solid foundation for growth.”
For further information:
Paul Charles, Head of Communications, Misys plc
020 7368 2315 / 07769 880991
paul.charles@misys.co.uk
020 7368 2315 / 07769 880991
paul.charles@misys.co.uk
About Misys plc
Misys plc, the global software products and solutions company, serves customers in the international banking and securities, US healthcare, and UK retail financial services sectors. Misys partners with its customers to deliver outstanding IT solutions to essential industries. For the year ended 31 May 2002, Misys reported revenues in excess of £1 billion. Misys employs over 6,500 people internationally.
