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Incorporated in Great Britain in 1979 and originally funded with private capital, Misys began as a supplier of computer systems to UK insurance intermediaries. Rapid organic growth of the original business led to flotation on the UK stock market and subsequently a listing on the main London Stock Exchange in 1989. Kevin Lomax, Chairman of Misys plc, 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 (insurance) and to increase its size in an already consolidating software sector. This led to a further focusing of the Group's activities in the financial services sector, particularly banking, through the acquisition of Kapiti in 1994. This acquisition also took Misys into the international arena 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 internationalization continued with the acquisition of ACT Group plc in 1995. Following this acquisition and the integration of the two groups' banking activities, Misys achieved a predominant position in the worldwide supply of banking systems. This was strengthened further with the acquisition of US-based companies Frustum, in late 1996, and Summit, in early 1997.
In November 1997, Misys added an important new leg to its activities, entering the US Healthcare market with the acquisition of Medic Computer Systems (now part of Misys Healthcare Systems). 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.
Two more substantial acquisitions followed in 2001, with agreed takeovers of DBS Management plc, the largest Independent Financial Adviser network in the UK, and Sunquest Information Systems (now part of Misys Healthcare Systems), a major provider of IT solutions to US hospitals.
Current Position
Today, Misys is the UK's largest independent applications software products group and one of the world's 10 largest independent companies operating in this sector. It partners with its customers to deliver outstanding IT solutions and professional services to essential industries (Banking and Securities, Healthcare and Financial Services) around the world.
Misys currently employs some 6,000 staff around the world, with over 50% based in the United States. Its market valuation is over $3bn.
Philosophy
The company's philosophy is based on enhancing shareholder value, measured by the growth and stability of long-term cash flows. In this respect, Misys has an outstanding track record, achieved through:
- committed and experienced management
- proven financial controls
- substantial ongoing investment in product development
- selective investment in well positioned businesses
The success of this philosophy has made Misys one of the world's largest and most financially successful providers of commercial software applications and associated services.
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