Indian IT services firm 3i Infotech has signed a definitive agreement to acquire UK asset managment software vendor Rhyme Systems. Financial terms of the deal were not disclosed.
London-based Rhyme Systems a profitable company with revenue of over £15 million and over 120 staff.
The business was formed by a £20 million in a management buyout - which was backed by private equity firm Primary Capital - from Misys in November 2003. Under that deal Rhyme acquired Misys' integrated settlement system Fiscal and back office software Quasar.
The UK vendor says its asset management products - Quasar and rhymeSIGHT - along with its Altimis, Fiscal and Arrow applications for brokers are used by financial services firms in the UK including Barclays, Friends Provident, Coutts RBS, Rathbones, M&G, Jupiter, LCH.Clearnet and Brewin Dolphin.
Mumbai-based 3i Infotech says the acquisition will support its move into UK's lucrative banking, financial services and insurance (BFSI) markets.
Commenting on the acquisition, Mr Srinivasan, MD and CEO, 3i Infotech, says: "We, as a solution provider, constantly evaluate our BFSI offering vis-à-vis market demands and grow our business by filling the gaps in our range of products and solutions."
Chris Potts, CEO, Rhyme Systems, comments: "With 3i Infotech's financial services focus, our asset management software fits in perfectly and we look forward to jointly addressing the ever expanding financial services segment, not only in the UK, but globally through 3i Infotech's wide range of offerings and reach in Asia and North America."