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British Industrial History

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Misys

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Misys plc is a business that makes and sells software to banking and investment businesses.

1979 The company was founded as a computer systems supplier to UK insurance brokers under the name of BIS Ltd

In 1976 acquired Kingsley-Smith and Associates and a software package named MIDAS. This banking software system was based on a concept of a core multi-currency accounting module. At the time all other International Banks worldwide worked and accounted on a 'single currency' methodology. It was marketed to and operated successfully by a number of client London Banks from 1979.

From the mid to late-1980s lesser competition to MIDAS came from two other separate software vendors with systems called Kapiti and IBIS. BIS/Misys in acquiring 'Kapiti' as a strategic purchase raised MIDAS to the market leader for 'off-the'shelf' banking software.

In 1987 its shares were first traded on the Unlisted Securities Market.

1989 It was admitted to the Main List of the London Stock Exchange

In 1997 it bought Medic Computer Systems, a healthcare software business

In 2001 it went on to buy DBS Management plc, a supplier of software to Independent Financial Advisors. It also bought Sunquest Information Systems Inc., a US supplier of clinical systems software and later sold the same in 2007

In 2004 the company bought IQ Financial Systems from Deutsche Bank for £20m.

In 2007 newly appointed CEO Mike Lawrie set out a new three- to five-year strategy to turn around and improve the financial operating performance of the company.

In 2008 the company announced a merger between its healthcare business and Allscripts, a medical records business. The merger was completed on 10 October 2008, and Misys plc now holds a majority shareholding in the merged entity known as Allscripts-Misys Healthcare Solutions, Inc, which is listed on the NASDAQ (MDRX).

In June 2010, Allscripts announced a merger with Eclipsys Corporation, and that the Misys stake in Allscripts was to be reduced through a share buyback and secondary offering.

On 12 November 2010, Misys announced that is had reached an agreement to acquire Sophis, a leading provider of portfolio and risk management software.

Misys entered into merger talks with its Swiss rival Temenos in February 2012.


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