Misys Banking Systems expands risk management capabilities to meet growing market demand and take a leading position in the market
Misys plc announces today, 8th July 2005, that it has acquired the leading regulatory risk management software firm, Almonde, for â¬15m. The acquisition will bring together Almonde's market leading asset and liability management (ALM) and regulatory compliance solutions (Basel II, IAS and FTP) with Misys Banking Systems' existing Risk solutions for limits management, market, operational and credit risk, collateral management, securitisation and economic capital as well as its core banking, trading and back-office platforms used by 1400+ clients worldwide.
Broadening the Misys risk management offering from banksâ trading book operations to incorporate the banking book activities, will enable Misys customers to have a clear view of their full risk and profitability profile including the correlation effects, at both the global and transactional levels across the organisation.
The combined expertise of Almonde and Misys will bring together the leading forces in risk management technology to enable banks and corporate customers to manage their risks across the whole organisation for Basel II or IAS compliance, risk exposure around ALM, or improving profitability around funds transfer pricing.
Misys and Almonde have been working together closely for the past year and had already formed a strategic partnership to provide financial institutions with comprehensive Basel II and ALM solutions. This was the next logical step in building on the close partnership, according to Michel van Leeuwen, CEO, Risk Management, Misys Banking Systems.
âThe complementary nature of our two businesses and the successes we have already achieved together with customers such as BCEN Eurobank and SAIB meant that combining our businesses was a natural step to take. The combined technology strength, knowledge and infrastructure around risk and regulatory compliance, positions Misys at the forefront of the risk management industry. Demand from our customers for a more wide-ranging set of risk solutions has been growing and Almondeâs experience enhances Misys Banking Systems ability to address this critical and often urgent need. Over the next 12 months, we will see huge changes in the risk management market. This acquisition enables us to provide financial institutions with a sound platform to focus on regulatory compliance and, when required, manage their economic capital concerns effectivelyâ.
Shawn Convery, Co-founder of Almonde, adds, âBanks and corporate customers will now be able to buy a truly complete risk solution, with our technology and expertise integrated into Misys broad portfolio of banking systems. Almonde has earned widespread acclaim within the risk community for the sophistication of its analytics, multi-dimensional analysis and flexible and robust architecture, winning Risk Magazineâs Software Product of the Year in 2003. We are delighted to be joining forces with the best in the risk management business. We look forward to providing banks with both regulatory and best practice risk management solutions so that they are better equipped to calculate their exposure to risks across the whole organisation. â
Ivan Martin, CEO, Misys Banking Systems, said: âThis acquisition is a significant development for risk management in the international banking market and is an example of our company strategy of organic growth complemented by product and market enhancing acquisitions.â