1st buys back shareholding from Misys
1st, the market leading supplier of technology solutions to financial intermediaries, today announced that it has bought-back the Misys Group's shareholding in its business, for an undisclosed sum.
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Misys acquired its investment in 1st as part of its acquisition of Financial Options Group Limited in 1999.
Mik Cons, managing director of 1st, comments: "Misys and Sesame, its wholly owned subsidiary, have been supportive investors in 1st and have been valuable partners as we have grown from a small business to become the principal software vendor to professional financial advisers. To maintain our market leading position we decided to make this investment as an important commitment to the continued support of our dedicated staff, users and partners."
Patrick Gale, CEO of Sesame, comments: "1st Software has been a good investment for us and we believe they have an excellent future with great products and a very strong management team. We wish 1st Software continued success in the future and have very much enjoyed our involvement with 1st Software as it has grown."