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1St buys back Misys’ share of business

1st, the technology provider for 11,000 advisers, has bought back the 28.6 per cent share of its business owned by Misys for an undisclosed fee.

The deal continues Misys’ retreat from the IFA arena after last month’s provider buyback of the company’s 60 per cent stake in Assureweb and the appointment of Lexicon Partners to assist with the sale of Sesame in the next 12-18 months.

Sesame commercial director Charles Bryant has resigned from the board of 1st as part of the deal. Bryant says Misys’ stake in 1st has been a good investment for the company, watching it grow from a small business to gaining about a 40 per cent share of the market.

Misys acquired the stake in the software firm after its 40m takeover of IFA network business Financial Options in 1999, one of the five networks inc-orporated under the Sesame brand in 2003.

Financial Options was an original investor in 1st Software when it launched in 1996.

1st managing director Mik Cons says: “To maintain our position, we decided to make this investment as an important commitment to the continued support of our dedicated staff, users and partners.”

Bryant says: “For us, this is about recognising that Sesame’s focus is on service and prov-iding a range of different soft-ware solutions rather than being associated with one company.”

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