The UK's largest software group, Misys, is to acquire New York-based Summit Systems, which makes derivatives trading software, and French software group Finance Information et Technologie. The French company owns 31.6 per cent of Summit, and also 40 per cent of French distributor Quotient. The rest of Quotient is already owned by Misys.
Misys, which has outlined a strategy of penetrating the financial trading market, will pay #36.8 million ($60.5 million) for Summit. Along with Finance Information et Technologie, which owns 31.6 per cent, the other vendors of Summit are its founder Jean de Fontenay and a group of employees.
Quotient distributes Summit's software and a back office capital markets package called C-Mark from Midas Kapiti, which Misys also owns.
This deal comes just over a month after Misys bought another New York-based software house, Frustrum, which makes software for banks to monitor the profit and risk levels of trades.
Frustrum, Summit and Quotient give Misys a range of software for larger financial institutions, whereas its previous acquisitions in this market were aimed at smaller banks.
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