GL Trade buys Misys Securities' UK, Japan and Hong Kong businesses
04 November 2003 | 7888 views | 0
French trading systems vendor GL Trade has acquired Misys Securities Trading Systems' businesses in the UK, Japan and Hong Kong.
Under the deal, GL Trade will acquire Misys' Market Trader Europe and Market Trader Asia dealing systems, data distribution tool Market Watch and back office software Market Settlement. GL Trade also inherits a client portfolio of some sixty large and medium-sized financial institutions.
Around 128 Misys employees will be transferred to GL Trade, bringing the Paris-based firm's global headcount to around 1000.
Pierre Gatignol, CEO of GL Trade, says the acquisition will strengthen the firm's global position: "It also extends our offering to include settlement (back office) functions."
Ivan Martin, chief executive of Misys banking & securities division, says the sale will enable the firm to concentrate on the global banking software market.
He says: "While the businesses being sold have a number of strong products and excellent customer relationships, our strategic focus is on other, larger, growth oriented sectors within the banking software markets."