Misys plc today unveiled a new structure, together with a strengthened management team, to position its Banking and Securities Division for the next phase of growth.
The new structure, which builds on changes made in 2001, will create three new businesses in retail banking, risk management and wholesale banking. This move will sharpen the focus of the Misys banking businesses on their respective banking software markets. The division will now comprise six businesses:
* Misys Asset Management Systems - comprising Apollo, Eagleye, Fiscal and Quasar
* Misys Retail Banking Systems - comprising Equation and Bankmaster
* Misys Risk Management Systems - comprising Risk Vision
* Misys Securities Trading Systems - comprising Market Trader, Market Watch and Market Settlement
* Misys Wholesale Banking Systems - comprising Midas, OPICS, Trade Innovation, Meridian and eBanking
* Summit Systems - comprising the Summit product
Ivan Martin, CEO of the Banking and Securities Division, commented: "After our recent extensive strategic review, we have defined clear strategies for each of the large vertical banking markets we serve. We are now reorganising our businesses to create a structure which will support the pursuit of these strategies. This new structure, along with plans to grow our revenue streams through a stronger professional services capability, gives us a focus that will help lead Misys through a new phase of growth.
A new global accounts team will help us to serve larger customers across multiple vertical markets, as they seek to build relationships with strong, broadly-based vendors. These customers tell us that they will continue to focus their own capital spending on a departmental, rather than bank-wide, basis but that they want to reduce the number of vendors with whom they deal."
Misys also announced a strengthened management team which will lead the new structure.
Andrew White, 41, has been appointed as CEO of Misys Wholesale Banking Systems. White joins Misys from Marlborough Stirling, a UK-based software and outsourcing supplier to the insurance and mortgage markets. He was chief operating officer and also chief executive of Marlborough Stirling Mortgage Services, a joint venture with the online banking operation, egg plc. Between 1999 and 2002, White was chief operating officer of Corillian Corporation, a US-based provider of online banking software solutions. He was responsible for sales, operations, customer service and hosting services.
Helen O`Dea has been appointed CEO of Misys Risk Management Systems. O`Dea moves from the Misys Financial Services Division where she was CEO of AssureWeb and Divisional Strategic Director. The chief operating officer will be Michel van Leeuwen, who joins from Algorithmics where he was managing director for Europe, the Middle East and Africa. Van Leeuwen will initially take on responsibility for sales, sales support, professional services, financial engineers and marketing.
Ivan Martin will be acting CEO of Misys Retail Banking Systems, supported by Paddy Meany who becomes chief operating officer.
In addition, four internal appointments have been made to a new Divisional team. Barry Moloney will be finance director; Stephen Gowers becomes business development director; Gilles Acogny will be marketing and global accounts director; and Andy Oakes becomes commercial director.
Herv'e Baulme, Chris Potts and Frank Walter continue as CEOs of Summit, Misys Asset Management Systems and Misys Securities Trading Systems respectively.
Commenting on the new management team, Martin said: "I believe we have put in place a highly talented team which can deliver on our ambitious strategic plans. Our priorities are to build on our market leading positions, to work in closer partnership with our extensive customer base, and to continue to develop a world-class software products business."
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