Misys plc has acquired regulatory risk management software firm, Almonde, for EUR15m.
The acquisition will bring together Almonde’s 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.
Misys and Almonde formed a strategic partnership to provide financial institutions with Basel II and ALM solutions last year, and this was the next logical step in building on the close partnership, according to Michel van Leeuwen, CEO, Risk Management, Misys Banking Systems.
“The 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 Almonde’s 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 effectively,” he said.
Shawn Convery, co-founder of Almonde, adds: “Banks 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 Magazine’s 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 “
Ivan Martin, CEO, Misys Banking Systems, said, “This 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.”