MISYS
Company Information
About
The MISYS Company
MISYS
Key events:
- Misys
founded in 1979 by current Chairman, Kevin Lomax
- Main
listing on London Stock Exchange in 1989
- Took
stake in Countrywide IFA Network in 1992
- Acquired
Kapiti in 1994
- Acquired
ACT Group in 1995
- Acquired
Medic Computer Systems in 1997
- Misys
becomes first IT company to enter FTSE-100 in May 1998
- Acquired
CATS in 1999
- Acquired
Financial Options Group in 1999
- Acquired
DBS Management in 2001
- Acquired
Sunquest Information Systems in 2001
Founded
in 1979 and originally funded with private capital, Misys started
out as a supplier of computer systems to UK insurance brokers. The
company increased in size rapidly through organic growth and it
floated on the UK Unlisted Securities Market in March 1987, with
a subsequent listing on the main London Stock Exchange in 1989.
The Chairman of Misys, Kevin Lomax, was a founding investor and
non-executive Chairman until 1985, when he joined the company as
full-time executive Chairman. Since then, he has driven the Group's
expansion and development through several distinct phases.
In
1988, Misys set out to broaden the range of its activities and strengthen
its market position through a series of acquisitions. The main objectives
were to reduce the Group's exposure to a single market and to increase
its size in several consolidating sectors.
This
led to a further focusing within the financial services sector,
especially banking, through the acquisition of Kapiti in 1994. This
propelled Misys onto the international stage for the first time,
as some 95% of Kapiti's sales were outside the UK via its then 15
international offices.
The
strategy of consolidation and internationalisation continued with
the acquisition of ACT Group plc in 1995 which, along with Kapiti,
enabled Misys to gain a strong position in the market for supplying
software solutions to banks. Its position was further strengthened
with the acquisition of US-based companies Frustum, in late 1996,
and Summit, in early 1997.
Meanwhile,
in 1992, Misys embarked on a new strategy - to provide outsourcing
services and software to the growing number of Independent Financial
Advisers, or IFAs. Misys took a 20% stake in Countrywide, a collective
of IFAs who had joined together to pool their administration costs.
Misys then bought out the remaining stake and Countrywide became
a launchpad for Misys' ambitions in the IFA industry.
In
November 1997, Misys added an important new leg to its activities,
entering the US Healthcare market with the acquisition of Medic
Computer Systems Inc. This acquisition gave the group a leading
position in the fast-growing US healthcare IT sector, and laid the
foundation for establishing a major broad-based Healthcare Division.
The company’s continuing strong performance resulted in Misys
becoming the first IT company to enter the FTSE 100 index, in May
1998.
January
1999 saw two further strategic moves by the company. The acquisition
of California-based C ATS, a world leader in enterprise risk management
systems for banks, further strengthened Misys’s position as
the leading supplier of software to the banking sector. Reflecting
the strategy of focusing on the Financial Services and Healthcare
markets, Misys also disposed of its Information Systems Division,
marking its withdrawal from these smaller, non-core markets.
Today,
Misys is one of the world’s largest companies supplying applications
software. Its principal activities are the development and licensing
of application software products to customers in well-defined vertical
markets within the Financial Services and Healthcare sectors, together
with transaction processing and professional services.
In
the year ended 31st May, 2002, Misys achieved revenues of £1,036
billion (passing the £1 billion mark for the first time),
and operating profits of £127 million. Of the continuing operations,
the Banking & Securities Division accounted for 29% of revenues,
Misys Healthcare Systems for 28%, and the Financial Services Division
for 43%. Misys currently has some 6,000 employees around the world,
of whom about 40% are in the United States.
Misys
Head Office Misys plc
Burleigh House
Chapel Oak
Salford Priors
Evesham
WR11 8SP
Misys Corporate Office Misys plc
125 Kensington High Street
London
W8 5SF
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