Vermeg

Vermeg acquires unit from Reuters

Paris, November 6th 2002.

Vermeg, the Paris- based financial software company formerly know as BFI, has acquired from Reuters France part of the business of Diagram, a supplier of software solutions for capital markets. The scope of the transaction includes the back office asset management software.

Vermeg has taken over the business, not only acquiring licences and intellectual property rights in three solutions, Euro OPC (mutual fund administration), GPI and DAM (back office systems for institutional investors), but also taking on 28 development and consulting staff from Reuters.

Badreddine Ouali, CEO of Vermeg, noted "The acquisition is complementary to Vermeg's existing solutions and significantly increases our presence in the European asset management sector, where Vermeg currently offers a front-office solution, OMEGA Portfolio." He added: "In this way, the numerous clients currently using the Diagram solutions will benefit from uninterrupted service, as well as further support and development from Vermeg."

The acquisition was effective from the 1st of September 2002.