Misys (FTSE: MSY.L), the global application software and services company, today announces a partnership with Wipro Limited (NYSE: WIT), the leading IT services provider across the globe, to increase its services capability in the Middle East as part of its strategy to capture growth in rapidly expanding markets.
Wipro will establish a Centre of Excellence around Misys Opics Plus to expand distribution capacity and accelerate delivery of award-winning solutions to customers. Utilising Misys' leading technology will enable financial institutions in the region to benefit from the rapidly expanding financial market trading structures and broader asset classes.
Pre-tax profits of financial institutions in the Middle East grew by more than 30% on average last year, according to The Banker. Technology is widely seen as crucial in driving productivity improvements and providing access to new, complex instruments, as firms in the region capture increased market share and compete in a global marketplace. Tower Group, the research and advisory services firm focused exclusively on the global financial services industry, estimates that IT investment in the region's financial services is expected to grow by more than 10% a year over the next 4 years, from US$3.5bn to US$5.7bn in 2011.
Inci Kaya, analyst at TowerGroup comments: "The Middle East is a market that no global institution or technology vendor can ignore. As institutions realize the need to make their systems meet international requirements, they are investing more seriously in technology in the region."
Eileen McPartland, EVP Global Sales, Services & Support, Misys comments: "Today, we're announcing a significant step forward in the development of our Global Services business as we continue to increase our investment in the Middle East, an important growth region for Misys. Working with Wipro to establish a Centre of Excellence will enable us to deliver tangible business results for our customers faster and more efficiently."
Roop Singh, Vice President - Financial Services, Wipro says: "The alliance complements Wipro's strategy of partnering with leading solution providers to deliver business value to customers globally. Wipro has an established presence and proven track record in the Middle East region and this relationship is a step forward to deliver innovative new solutions to our customers and prospects. We are excited by the synergy arising from this partnership, which delivers a compelling value proposition to our customers."