Thomson Financial has acquired London-based treasury and trading systems firm MIS Banking Systems. Terms of the deal were not disclosed.
The acquisition has been sponsored by Thomson Financial subsidiary Beta Systems, which provides US domestic equities processing systems. It gives Beta intellectual property rights to MIS's flagship product Capital, which offers broader international banking, equities and fixed income markets coverage.
Michael Price, president and chief operating officer of Beta Systems, says: "Financial institutions are looking to implement integrated applications solutions to carry out transaction processing, settlement, accounting and risk management for all instruments traded and across all business operations. Until today, no single systems vendor was able to meet these emerging market requirements."
The Capital suite of products supports fixed income and equities, derivatives, treasury and commercial loans through real-time transaction processing, multi-currency and multi-entity accounting, full profit/loss reporting and cash management.
Ken Wood, the founder and former managing director of MIS Banking Systems, will become managing director, Thomson Financial - MIS Systems, reporting to Beta Systems' Price. MIS Systems will continue to operate from its headquarters in London and its branch office in Hong Kong.
Wood says the acquisition provides MIS Systems with the financial support of a large global corporation to increase its competitiveness. "As a business unit within Thomson Financial, we greatly expand our resources," he says.