The BISYS Group, Inc., a provider of outsourcing services to the financial services sector, announced that its stock will begin trading on the New York Stock Exchange (NYSE) on March 6, 2002. Shares of the firm’s common stock previously traded under the Nasdaq symbol “BSYS” will trade under the new ticker symbol “BSG” on the NYSE. Each Nasdaq-listed “BSYS” common share will represent one “BSG” common share, and BISYS’ shares will be withdrawn from the Nasdaq stock market concurrent with its NYSE listing. There will be no public offering of shares or creation of additional shares by BISYS in connection with this listing.
To mark the firm’s first day of trading on the NYSE, Lynn Mangum, BISYS’ chairman and chief executive officer, will ring the opening bell on March 6, 2002.
BISYS was founded in 1989, completed its initial public offering in 1992, and implemented an aggressive business strategy that has led to the acquisition and integration of more than 30 synergistic companies. Today, the firm provides business process outsourcing services to more than 20,000 domestic and international clients, including securities firms, insurance companies, and financial institutions. BISYS has become an industry leader in each of its business lines and is widely recognized for its unique ability to support the converging financial services sector as a single-source provider of investment, insurance, and banking solutions.
According to Mr. Mangum, “As we celebrate our 10th anniversary as a public company, it is fitting to mark another strategic milestone for BISYS – the listing of our common stock on the New York Stock Exchange. We believe that this move will enhance BISYS’ global visibility, and provide heightened awareness and marketability among our increasingly international target market. Moving to the New York Stock Exchange, which in itself is a symbol of the best blue-chip firms, also positions BISYS in the company of some of our most prestigious and valued clients.”
“The New York Stock Exchange welcomes The BISYS Group to our family of listed companies,” said NYSE chairman and CEO, Dick Grasso. “We look forward to an outstanding partnership with BISYS, and to providing its shareholders with unparalleled visibility and liquidity.”
During the past five years, BISYS’ revenues grew at a compounded annual growth rate of 23 percent, and operating earnings, exclusive of one-time charges, grew at an annual rate of 24 percent.
During the fiscal year ended June 30, 2001, BISYS’ revenues increased 23 percent to $701.8 million, and net income, exclusive of one-time charges, increased 25 percent to $87.7 million, or $1.45 per diluted share.