Misys’ banking ventures pay off as revenues rise

 
City A.M. Reporter
BRITISH software company Misys posted a seven per cent rise in third-quarter revenue, helped by new products serving banks and financial markets.

Misys, which sold most of its stake in its Allscripts-Misys joint venture last year, said yesterday revenue in the three months to February was £85m, taking revenue growth into positive territory in its 2010-11 year.

“We have made a big investment over the last several years to get new products into the market and those investments are really paying off,” chief executive Mike Lawrie said.

Misys shares, which have outperformed European peers by 32 per cent in the past 12 months, closed 2.8 per cent higher at 335.1p.

Misys said treasury and capital markets (TCM) orders rose 50 per cent, while banking orders were up 17 per cent. It became TCM sector leader, with about a third of the market, when it bought Dublin-based Sophis for £375m in November.

Misys, which competes with Swiss company Temenos in banking, said it won six new customers for its Bankfusion retail banking platform, taking the total to 19 in the year to date.