stage at this emerging bank. The next signing was Bermuda Commercial Bank (BCB), whose COO described it as ‘the most competitive product we saw’. Like many Bankfusion Universal signings, BCB had been a Bankmaster user for many years. Nonetheless, other vendors have also profited from moves away from Bankmaster in recent years, one example being that of Banca Transilvania in Romania which opted instead for Flexcube from Oracle FSS in late 2010.


The crucial cut-over at CRDB, over Easter 2010, was


apparently successful, and Time Bank in Zimbabwe was also recruited around this time. Misys became increasingly bullish about future sales for the system. It predicted 20 in 2011, 30 the following year, mid-50s and then 70 in the next two years, with these projections spanning both sales of Fusionbanking Universal Banking as well as Fusionbanking Equation and Fusionbanking Midas. Bank of Ceylon in the UK and Co- operative Bank of Kenya were added before the end of 2010 for Fusionbanking Universal Banking, plus off-the-record deals in the UK and Sweden. National Bank of Kenya and Parsian Bank in Iraq were among those added in 2011. By mid-2011, Misys was claiming 40 Fusionbanking takers, the majority being Equation users which had upgraded to Fusionbanking Equation. However, a new name win came in 2010 from United Arab Bank, which subsequently went live a couple of years later. Caixa Banco de Investimento in Portugal became the first Midas user to go down the Fusionbanking Midas route in late 2010 and was subsequently followed by PPF Banka in the Czech Republic and Nordea in Finland. India International Bank, a start-up joint venture in Malaysia between a number of banks, was a new taker of Fusionbanking Midas. It also licensed Trade Innovation Plus, as well as Payment Manager and Trade Portal. The next major release of Fusionbanking Universal Banking was scheduled for May 2012, with Misys predicting


A new owner & further Fusionbanking projects


Another commotion subsequently ensued in early February 2012, when Misys went public on its plans to merge with Temenos. This sparked share volatility and much debate. The plan was to unite under a new holding company which would seek a premium listing on the London Stock Exchange (LSE) with a potential secondary listing on SIX Swiss Exchange. Misys’ largest single shareholder at the time, ValueAct, initially expressed ‘strong support’ for the merger plans. However, matters then moved apace as Lawrie departed for


CSC and venture capitalists started to join the ranks of interested buyers, including ValueAct in combination with CVC Capital Partners. This caused Temenos’ merger plans to fall through. Shortly afterwards, another cash bid from US-based venture capital firm, Vista Equity Partners, was announced. Misys viewed the offer and its terms as ‘fair and reasonable’, according to a statement at the time and shareholders, Schroder Investment Management and Threadneedle Asset Management, supported the bid. By early April, ValueAct had pulled out, which left Vista in


484


at the end of 2011 that there would be seven live sites for the Universal Banking iteration by this stage. Promised for May was Islamic banking functionality, plus enhancements around lending, CRM and regional market requirements. On the front-end, Misys announced a version of Trade


Portal for retail banking in early 2010. Called Personal Finance Portal, much of the functionality was already in place but all standard e-banking services including intra-bank and inter- bank transfers, bill payment, funds transfer and account balance reporting would be covered. It would also support financial planning and budgeting, allowing customers to customise their own enquiries and categorise and analyse their expenditure. The search for a first retail taker was still on- going in early 2011. On the corporate side, Guy Warren, who had been EVP


and GM of banking at Misys, left in early 2010, having held a high profile position since joining in 2007. He was replaced by Al-Noor Ramji, former CIO of BT. A lot of emphasis came to be placed on delivery of Misys solutions via cloud computing within Misys’ current product strategy, laid down by Ramji and new CTO, Robin Crewe.


In June 2010, Misys announced the sale of the Allscripts


healthcare half of the business, bringing pure focus on the banking vertical. The move was well-received by the markets, but led to familiar speculation about Misys as a target for acquisition or break-up. That speculation was well founded and, in June 2011, it was announced that there had been a cash offer for Misys. This was from FIS and was for Misys Banking Systems and the TCM business. It would have seen two large owners of back office systems brought together so raised plenty of questions about positioning and strategy. However, in early August 2011, Misys announced it had rejected the bid. While this was the end of the episode, it only fuelled speculation about other bidders.


pole position.


In April, it was revealed that Vista had received overwhelming approval from Misys shareholders to acquire the company, despite the price of 350 pence per share being lower than the 400 pence earlier offered by FIS. The Vista offer now valued the company at around £1.3 billion. The completion date was originally expected to be 10th May, but this was subsequently pushed back to early June due to a monopoly probe in Portugal taking longer than expected. The new owner intended to unite the businesses of Misys and its other recent acquisition in the banking software space, trading and risk management software vendor, Turaz, bought from Thomson Reuters. Misys had seriously considered purchasing Thomson Reuters’ trading and risk business itself when it came up for sale in mid-2011 but it was outbid by Vista. The head office for the combined entity was to remain in London, with Turaz also headquartered here already. Unlike with the earlier proposed takeover by FIS or merger with Temenos, there appeared to be no complications on the banking system side on bringing together the two vendors, although there was direct overlap in the treasury and capital markets space and also in risk management with Misys’


Back Office Systems & Suppliers (BOSS) | www.ibsintelligence.com


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