London…20th March 2002. Misys plc has announced the creation of a new retail banking unit to focus on one of the fastest growing segments of the banking IT market. As part of Misys International Banking Systems, it will be the largest vendor of retail banking systems outside the United States.
The new unit, Retail Banking, will combine the strengths of Kindle’s Bankmaster product range with the leading Equation product in Misys International Banking Systems. With revenues in excess of £60m, the new unit will account for nearly 20% of total revenues in the Misys Banking and Securities Division and build on the strong recovery in orders seen in the first half of the financial year.
The new business will offer the key elements demanded by retail customers:
· A choice of platforms – Retail Banking will have core banking systems based on both Unix/Oracle and i-Series
· Local sales and service – Retail Banking will have a network of branch offices in 28 countries
· Strong service delivery – Retail Banking will deliver strong professional services support which can be deployed across both platforms
· Powerful product integration – Both Equation and Bankmaster will be interfaced to other Misys products such as OPICS, Trade Innovation & Meridian
· Extensive product development capability – Retail Banking will have development centres in Dublin, Slough, Bangalore and Manila, developing the additional functionality required in the years ahead
Kevin Lomax, Chairman, Misys, said:
“With the creation of Retail Banking, Misys is building on the significant presence it already has in this marketplace with nearly 600 sites using our systems. We believe the trend of replacing systems developed in-house with software developed by vendors such as Misys - already well advanced in segments such as Treasury, Capital Markets and International Branch Banking - will gather momentum in Retail Banking.
In-house mainframe solutions are increasingly unaffordable and cannot be adapted fast enough to meet new demands, such as multi-channel, high-touch retail services and 24 hours a day, 7 days a week banking. Combining the Bankmaster and Equation teams will give us the critical mass of assets and skills which are necessary to offer the best technology, products and services to our customers.”
Products within Retail Banking will include:
· Equation BA
· Equation BS
· Bankmaster LAN
· Bankmaster RS
· [email protected]
Two immediate appointments have been made. Paddy Meany will join Misys as Director, Retail Banking and will oversee the integration of the various elements of the new business. Koen Van den Brande will be responsible for Marketing & Product Strategy. David Leech, who has given 12 years of distinguished service to Kindle, will be stepping down from his role as CEO of Kindle and will be leaving the company.
In a separate move, John Fry is to leave as CEO of Misys International Banking Systems to take up the position as Chief Executive of one of the leading UK independent media businesses. John will continue to run Misys International Banking Systems until 1st June. Kevin Lomax commented: “We are very sad to see John leave Misys and I know his decision to move on was not an easy one. He has achieved a great deal in the company and successfully helped to develop a key part of our Banking and Securities Division. I realise his new role is an opportunity he couldn’t afford to miss. We wish him well.”
Rupert Soames, as CEO of the Misys Banking and Securities Division, will take on direct management responsibility for Misys International Banking Systems - which accounts for nearly 70% of the Division’s revenues - and finalise the succession arrangements.
Following this divisional restructuring, Misys Banking and Securities Division will consist of four key units:
· Misys International Banking Systems (including Retail Banking)
· Misys Securities Trading Systems
· Misys Asset Management Systems
Kevin Lomax, added:
“This announcement completes the rebranding and restructuring within the Banking and Securities Division. It gives the division a clear, market-focused structure and leaves it very well positioned to take advantage of the many opportunities which we expect to benefit from in the years ahead.”