Misys disposes of AssureWeb stake
11 July 2005 | 6199 views | 0
Misys-subsidiary Sesame has sold its 60% stake in AssureWeb, the electronic trading portal for independent financial advisors.
Misys acquired the AssureWeb portal when it bought out DBS Management in June 2001.
In a statement, Misys says the transaction will be executed by Assureweb buying back Sesame's shares. The five existing AssureWeb investing providers - Aegon UK, Clerical Medical, Friends Provident, Norwich Union and Scottish Widows - will increase their collective ownership stake in the company from 40% to 100% and take full operational responsibility for the portal.
The vendor says the disposal of Sesame's stake in Assureweb is likely to give rise to a small accounting loss on disposal.
Misys was expected to announce the disposal with the release of its full year financial results next week. The vendor recently reiterated its intention to float the Sesame IFA network, which saw revenues decline five per cent in the second half.
Misys shares were up 1.90% in mid-afternoon trrading to 242.50 pence.