Misys chairman Kevin Lomax has called an end to UK acquisitions, having
reached market saturation with the takeover of DBS and the Assureweb portal
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