London, 22 April 2003 - Misys plc, the global software products and solutions company, today announces it has acquired CrossmarÂ® Matching Service (CMS) from Crossmar, Inc., a subsidiary of Citicorp.
CMS provides a confirmation matching service aimed primarily at foreign exchange/money market (FX/MM) transactions between banks, their corporate
customers and fund managers. The CMS matching engine handles in excess of
$100bn of FX/MM transactions for over 750 customers worldwide.
CMS will become part of Misys Wholesale Banking Systems and be renamed Misys
CMS. The core management team - including CTO Raymond English, Sales and
Marketing Director Gilmore Bray, Vice-President Cynthia Anasson and Product
Manager John Hawkins, will be among more than 50 staff transferring to Misys
Wholesale Banking Systems. International offices will be merged with
existing Misys offices in New York, London, Tokyo and Singapore.
The acquisition, for US$ 13 million in cash, brings to Misys the CMS platform, infrastructure and further expertise in Web services. This will provide further impetus to enable future Application Service Provider (ASP) hosted service development across other Misys banking solutions.
"The need for independent trade confirmation is more urgent than ever," said
Ivan Martin, Chief Executive of the Misys Banking and Securities Division.
"With intense pressure from regulators to keep trading and back office
operations clearly separated, the CMS offering is an essential tool for
those engaged in FX/MM transactions," said Martin.
"The CMS acquisition complements our established and highly successful
wholesale banking business, which already has substantial experience of
handling interparty trades via the SWIFT payment network," Martin continues.
CMS is a proven, functionally-rich service based on advanced Internet technology and already enjoys high levels of customer satisfaction and loyalty. We aim to maintain and grow those levels of satisfaction so that all of our customers receive a world-class service."
"CMS clients will benefit substantially. Misys will enable us to broaden the financial instruments matched on CMS, enhance functionality, and provide clients with seamless interaction with counterparties and internal systems,"
said Gilmore Bray, Sales and Marketing Director, CMS. "Misys is a firmly
established market leader in developing financial software solutions and is
well positioned to provide a solid foundation for growth," said Bray.