Misys has today completed the acquisition of IND Group, expanding on the cooperation agreement signed early last year, to improve its retail core banking solution suite.
The addition of IND’s online and mobile banking, personal finance management (PFM) and payment solutions expands the digital cross-channel capabilities of Misys’ software and services house and strengthens the Misys BankFusion Digital Channels suite launched last year after the cooperation agreement.
IND Group was founded in 1997 and has more than 30 clients around the world, including Alior, Erste Bank and UBS, supported by over 200 employees based in eight offices around the world. The vendor has traditionally focused on improving the cross-channel and online digital customer experience, and is expected to bring this capability to Misys.
According to Misys it plans to increase investment in all areas of the business, further scaling it up and increasing geographic reach for IND’s solutions, which suggests the 200 jobs at the vendor will remain, although this has yet to be confirmed by the vendor and requests for the price of the formal acquisition have as yet gone unanswered. The deal is obviously intended to enhance Misys’ digital banking capabilities for end user clients as retail banks increasingly look to integrate their cross-channel customer services, marketing and targeting and to win business from the next ‘digital generation’ of customers.
Misys says it will leverage technology from both organisations “to create genuinely omni-channel customer journeys across branch and digital channels. Banks will be able to understand their customers better, deliver targeted marketing and drive revenue”, thanks to the combined offering, it claims.
“The market for digital banking is exploding,” says Nadeem Syed, chief executive officer (CEO) of Misys, when explaining the rationale behind the unpriced deal. “More than half a billion people already use mobile devices for personal banking and this is set to double in the next four years. This deal reinforces our digital banking proposition in this rapidly expanding area by adding world-class consumer-oriented solutions to our offering.”
According to Alex Kwiatkowski of the IDC Financial Insights consultancy team in Europe, the acquisition of IND Group makes perfect strategic sense. “The timing is ideal in order to capitalise on the opportunities which are emerging in Europe and Asia,” he says. “IDC believes IND's advanced digital banking platform will fit seamlessly into the existing Misys product portfolio, delivering new omni-channel services and enhanced experiences to banks and their customers. 2014 is set to be the year when financial institutions begin the process of deciding upon their core systems transformation strategy, and digital channels will be an intrinsic element in this planning activity. In bringing IND into the family, Misys has strengthened its ability to help banks progressively transform in order to meet future market needs and achieve success through the intersection of people, process and technology."