FusionRisk Finastra (Misys)
Overview
Misys has a host of back office systems. It owns the two leading IBM iSeries/AS/400-based offerings, Midas and Equation. It also has the Kindle-derived Bankmaster. Alongside these are the commercial and syndicated lending system, Loan IQ, and trade finance system, Trade Innovation. As a flagship universal banking system it has Bankfusion, acquired from an Irish company, Trapedza. A brace of treasury and capital markets systems (Opics and Summit) reside in Misys Treasury and Capital Markets (TCM) (as does Loan IQ), with French supplier, Sophis, added in 2010. Sophis’ strength in the capital markets space was particularly equities and equity derivatives, with its sell-side offering, Risque, and a buy-side version of this, Value. There was a rebranding of these during the second half of 2014, using the Fusion tag. For risk, Misys has had plenty of attempts at playing in this space in the past, without really cracking it. It has a long-standing enterprise credit risk offering called Risk Vision and also acquired a limits solution with a company called EagleEye in 2002, then a solution focused on asset liability management with a French company, Almonde, in 2005. The company launched a ‘new’ risk offering in the second half of 2011, Misys Risk, which was a coming together of a number of
the different components, with risk functionality from the Sophis product set at its heart. However, there was then a rapid about- turn. Misys was acquired in Q2 2012 by venture capital firm, Vista Equity Partners, for £1.3 billion. The new owner had bought out the trading and risk systems business of Thomson Reuters in late 2011, with this briefly rebranded as Turaz. This was centred on the well-established Kondor+ and there was already a risk management offering here, Kondor Global Risk (KGR). After a slight delay, the corporate and product strategy of the combined group was set out. Coming under the Misys brand,
Kondor+ was now placed alongside Opics, Summit and Risque/Value. On the risk management side, although there was talk of combining best of breed components from both parts of the business, it looked as though KGR was now the basis for the group’s offering, branded as Misys Global Risk (MGR). This then became FusionRisk in mid-2014. Misys made a high-profile appointment, luring Simon Paris from SAP to become president and chief sales officer in August 2015.
Among Paris’ challenges will be the need to kick-start new-name sales across Misys’ core banking and treasury and capital markets suites, with these having tailed off in recent years. In particular, the market will be watching to see whether Paris can finally move the supplier’s flagship core banking system, Fusionbanking (Bankfusion, as was), into the mainstream. In April 2017, Misys appointed Natalie Gammon as Chief Information Officer of the company. With over 20 years of experience,
her most recent positions include Group CIO at FNZ and, prior to that, Global Head of IT Planning at Deutsche Bank. In June 2017, Vista Equity Partners, owner of Misys, completed the acquisition of D+H, in a deal expected to be worth around $3.6bn. The two firms were combined to form Finastra, touted to be one of the largest banking technology companies in the world with more than 10,000 employees, and 9,000 customers across 130 countries.
Summary history 1979
Misys founded.
2002 2005 2005 2006
2006
2008 2008 2010
2011 2012 2012
2014
Misys acquires risk specialist, EagleEye. Misys acquires risk partner, Almonde. Reuters launches KGR.
Reuters acquires Application Networks and the JRisk solution.
2006 Misys officially pulls the plug on its Risk Vision offering as a commercial product. Risk Vision had been launched in the early 1990s.
After a failed management buyout and/or sale of Misys, Mike Lawrie is appointed as the new CEO.
2007 The Thomson Corporation and Reuters Group plc announce that they are in discussions for the combination of their two businesses.
Misys reinstates Risk Vision and outlines a roadmap. Thomson and Reuters combine to form Thomson Reuters. Misys acquires Sophis.
2011 Misys launches a new enterprise risk offering, Misys Risk, made up of components from Risk Vision, Eagleye and Sophis.
Thomson Reuters sells its trading and risk management business to Vista Equity Partners. The Thomson Reuters business is rebranded by Vista as Turaz. Misys is acquired by Vista.
2012 Combining Turaz and Misys, it is announced that the company will trade as Misys. The risk solution looks as though it is primarily based on the Thomson Reuters/Turaz flagship, KGR, now to be sold as Misys Global Risk. Within an overall rebrand of its product set, the risk suite becomes FusionRisk.
Risk Management Systems & Suppliers Report |
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