Rhyme Systems, a leading provider of asset management solutions, today announces that it has signed a definitive agreement to be acquired by 3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Products company.
The strategic acquisition of Rhyme Systems complements 3i Infotech's foray into the UK financial services market. Rhyme Systems, a profitable company with revenue of over 15 million pounds, has leading financial clients including Brewin Dolphin, Coutts RBS, Jupiter, M&G, Barclays and LCH Clearnet.
Rhyme System's products, rhymeSIGHT, Altimis, Quasar, Fiscal and Arrow enable asset, fund and private wealth managers to achieve optimum performance through market leading software solutions. These products operate in the manufacturing and operations elements of the asset management process, including portfolio management, investment administration, clearing, settlement, order management and accounting.
Rhyme Systems was acquired by its management team, backed by private equity investor Primary Capital, in a management buyout from Misys PLC in November 2003.
Commenting on the acquisition, Mr. Srinivasan, Managing Director & CEO, 3i Infotech, said, “The Rhyme Systems acquisition is a move to further consolidate our position as a strong financial services player. We, as a solutions provider, constantly evaluate our financial services offering vis-à-vis market demands and grow our business by filling the gaps in our range of products and solutions. As is evident from the company’s growth over the past few years, we are now well poised to be amongst the most aggressive and fast-growing companies globally.”
Chris Potts, CEO, Rhyme Systems, said, "With 3i Infotech's financial services focus, our asset management software fits in perfectly and we look forward to jointly addressing the ever expanding financial services segment, not only in the UK, but globally through 3i Infotech's wide range of offerings and reach in Asia and North America."