UK banking software vendor Misys says it has agreed to buy eLoancoordinator, an Internet-based book building platform for the primary loan market developed by Dresdner Kleinwort. Financial terms of the deal were not disclosed.
ELoancoordinator was launched by Dresdner Kleinwort in 2005 and now has over 4000 registered users.
Misys says the platform will be further developed by its treasury & capital markets team to create a new system, branded Misys LoanCoordinator.
Managed in real-time, the system will provide bookrunners, borrowers and investors with comprehensive pipeline information required to track, analyse and administer syndicated loans on a single online site, says Misys.
The product will be available as a stand alone system or as part of Misys' Loan IQ suite for syndication, agency servicing and secondary trading activities.
Ken Katz, global product manager, Misys Loan IQ, says: "Once the product is integrated with Misys Loan IQ, bookrunners and investors will benefit from seamless front-to-back offering giving them a view of all information on a particular loan that is needed throughout the entire loan lifecycle."
Current Dresdner Kleinwort users will be transfered to Misys over the next six months. The two firms have agreed that the bank will be the first subscriber to the new Misys LoanCoordinator.