The result is Lusis Payments, designed specifically to address the growing needs of banks and financial institutions faced with the challenge of changing their existing legacy payments solutions. Lusis will hold a 51% share in Lusis Payments, with the remainder being held by the management and employees of the company. The agreement is focussed on expanding the presence of the Lusis solution set in the retail payments sector.

The recent, highly successful, port of the Lusis product onto the HP NonStop platform positions the company ideally to build on previous successful deployments. This process, completed in a very short timescale, was a testament to the architecture of the technology, which provides a real alternative to users of legacy solutions on NonStop. The SOA design of the software, combined with a unique approach to the use of scripts and messaging, enables the delivery of new functionality in a fraction of the time taken by those legacy suppliers.

Phillipe Preval, CEO of Lusis, said: "We invested in porting Tango to HP NonStop specifically to address the significant opportunity that exists in retail payments on that platform. Within the core Lusis business we have strong technical expertise in and around retail payments, along with a technology set that has been proven on many occasions to be a genuine leader in this space. As a result of this acquisition, we drastically strengthen our company profile with a highly skilled and experienced management team that is able to implement a global commercial action plan, execute deployment all over the world and deliver this customer focussed attitude which we hold core to the ethos of Lusis. We believe this management team will draw on the many advantages of this exceptional technology. As we scale the business and take advantage of the growth that the market affords us, the knowledge within Lusis Payments will ensure that the needs of our clients will be well served both now and long into the future.

Richard Launder, Chairman of eLECTIO, and of Lusis Payments, said: "This development is a significant one in the retail payments landscape in EMEA and beyond. There is a very real demand for a credible payments software alternative that operates on the HP NonStop platform. The quality and integrity of the Lusis solution has been recognised over many years by the Company's clients, and more recently by HP following its analysis of the port of the software from Unix to NonStop; adding the experience of the eLECTIO team creates a compelling offer for financial institutions. The new organisation is extremely well positioned to service clients at a level to which they had become accustomed, but which has been increasingly absent over the last two years; I have always believed that customer satisfaction needs to be the top priority of any business, and I am committed to ensuring that in Lusis Payments we make this core to our thinking and operation. I am proud to be part of an organisation that I believe will provide financial institutions with real options in delivering cost effective, state of the art retail payments solutions throughout the next decade and beyond.