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Misys ends UK buys and turns to Germany

Misys chairman Kevin Lomax has called an end to UK acquisitions, having

reached market saturation with the takeover of DBS and the Assureweb portal

in June.

The company now plans to redirect its purchasing power at the German

financial services market.

It says it could be up to £1m out of pocket because of the collapse

of Independent Insurance, the PI insurer for IFA Network owner ie group,

which it bought last year.

Announcing its annual results to the end of May last week, Misys said it

is looking at acquisition and development opportunities in Germany because

it is a mature market with similarities to the UK. As in the UK, the German

government is encouraging people to take responsibility for financial

planning and pension provision. It is looking at the possibility of buying

firms or starting operations and says there are opportunities to introduce

its technology in Germany.

The mega-network also says if there are job cuts, they are more likely to

affect overseas staff than UK.

Lomax says: “I would be surprised if we made any more acquisitions in the

UK. We are looking outside to Europe and Germany shows strong similarities

to the UK market.

“We are not necessarily looking at shutting up Assureweb. We will see how

things work out. If there are job cuts, they may not affect permanent jobs

in the UK.”

Misys results, p10

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