Misys sells Apollo business to Atos Euronext Market Solutions
18 July 2006 | 11188 views | 0
UK banking systems vendor Misys has sold its France-based asset management software business, Apollo, to Atos Euronext Market Solutions (AEMS).
In a short statement Misys says gross assets disposed of in this transaction amount to EUR2.4 million.
The vendor says the sale completes the disposal of its businesses in the asset management sector.
Apollo currently offers two key products - Apollo for Institutional Management and Apollo for Private Wealth Management - to clients such as BNP PAM, HSBC, Natexis, WestLB and Indosuez BGPI.
Commenting on the acquisition, Jean-Marc Bouhelier, chief executive officer, AEMS, says the Apollo business and team "will further enhance our position as the key provider of technology solutions for private and institutional asset managers".
The independent directors at Misys began examining competing bids for the company yesterday.
The vendor was effectively put up for sale last month when members of its senior management led by chief executive Kevin Lomax put forward a possible management buyout proposal.
Misys' former banking systems boss Ivan Martin is also rumoured to be in the running with a potential £1 billion offer.
Private equity houses Permira and General Atlantic Partners have also made an offer, while fintech giant Sungard has also expressed an interest in the bidding for the company.
Earlier this week three former directors of Misys - Ross Graham, John Sussens and Mike O'Leary - proposed a "management walk-in" and are seeking to take over management control of the UK banking systems vendor in a bid to prevent shareholders selling the company on the cheap.