Misys has acquired Eagleye Solutions, a supplier of compliance software for the asset management industry, for a total consideration of £15 million, payable over a three-year period.
The acquisition expands Misys Asset Management Systems' presence in middle and front office applications for the tier one international asset management sector.
The Eagleye platform has been developed using Microsoft .NET technologies to enable asset managers to check and confirm pre and post trade positions in real time, preventing possible manual errors and breaches of client mandates, institutional rules and government regulations. The management team includes executive chairman Andrew Brown, formerly joint chief executive of Gartmore Investment Management, and managing director Stephen Oxenbridge.
Chris Potts, chief executive of Misys Asset Management Systems, says that government, internal and client regulation are adding to the pressures on asset management institutions to deliver better and more timely compliance capability and processes.
"The acquisition of Eagleye will strengthen the Misys position in this sector and help us to deliver improved functionality for our asset management clients, to cope with the rapidly growing market demand for them to demonstrate that they have reliable controls, internal consistency and regulatory compliance."