Misys acquires IQ Financial Systems for $40m
09 January 2004 | 9025 views | 0
Misys has acquired IQ Financial Systems (IQFS), a New York-based provider of commercial lending and capital markets software and majority held subsidiary of Deutsche Bank, for $40m in cash.
Under the acquisition, IQFS will be integrated into Misys' Wholesale Banking Systems division and Edward Ho, CEO and president of IQFS, will be among more than 100 staff that will be transferred.
IQFS currently serves 29 clients, predominantly in North America, and recorded revenues of $22m in the year ending 31 December 2003. The firm's flagship Loan IQ product manages the entire lifecycle of a loan from origination and deal tracking to administration and record maintenance.
Ivan Martin, CEO, Misys Banking and Securities, says the global commercial loan systems market is currently under-penetrated: "We believe the acquisition of Loan IQ in concert with our distribution capabilities provides a great opportunity to significantly extend the scope of our business."
Commenting on the take-over, Ho says: "The loan syndication market is a truly worldwide market and we see real benefit now that we are part of a global software products group."