Misys has acquired Eagleye Solutions, a supplier of compliance software for the asset management industry. The company will pay a total consideration of up to 15m over a three year period for the acquisition.
The acquisition expands the presence of Misys Asset Management Systems in middle and front office applications for the tier one international asset management sector.
The Eagleye management team includes executive Chairman Andrew Brown, formerly Joint Chief Executive of Gartmore Investment Management plc, and Managing Director Stephen Oxenbridge. A number of large prospects have indicated substantial interest in working with Eagleye.
Eagleye will relocate to the Misys Asset Management Systems headquarters in London, Finsgate. Through the acquisition, Misys Asset Management Systems will enable asset managers to check and confirm pre and post trade positions in real time, preventing possible manual errors and breaches of client mandates, institutional rules and Government regulations. Eagleye has been developed using Microsoft’s revolutionary “.Net” technology.
Chris Potts, Chief Executive of Misys Asset Management Systems, commented: “Increasing government, internal and client regulation are adding to the pressures on asset management institutions to deliver better and more timely compliance capability and processes. The acquisition of Eagleye will strengthen the Misys position in this sector and help us to deliver improved functionality for our asset management clients, to cope with the rapidly growing market demand for them to demonstrate that they have reliable controls, internal consistency and regulatory compliance.”
Chris Potts added: “Most compliance solutions are complex and lack the flexibility to meet contemporary business and regulatory requirements. The challenge is to produce a more effective, efficient and elegant software solution to make these changes painless, quick and risk free; Eagleye is unique in possessing these properties.”