IT services firm Misys has agreed a £75m merger with financial sector rival DBS Management, but City investors were more concerned that Misys would miss sales targets after it said banks were postponing orders.
Shares in Misys had fallen by 4.8 per cent to 470.5p this morning on concerns that revenues from its banking division, around 40 per cent of its business, were slowing.
In a statement, Misys said: "While activity levels remain good, there is evidence that larger orders are taking longer to close, and growth and order intake were consequently slower than expected in the busy year end period. As a result, operating profit for the banking division is expected to be slightly lower than expected."
Misys said it had strengthened its financial services offerings through its acquisition of DBS Management.
Currently, Misys provides outsourced services to a 2000-strong network of financial firms, while DBC services a network of 1700.
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