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Sesame hits back after Credit Suisse downrating for Misys

Misys has received an “underperform” rating from Credit Suisse First Boston which is questioning the saleability of Assureweb and Sesame.

But Sesame chief executive officer Charles Bryant says Assureweb is oper- ating profitably this financial year.

CSFB analysts believe that the flotation of Sesame – which had been pencilled in for later this year – will be increasingly problematic and have put an approximate value of 100m on the network. Sesame says this is only one analyst’s view.

Assureweb’s provider contracts are due for renewal at the end of May and Sesame confirms that all 22 providers have extended their agreements for at least another year.

But CSFB believes that this product provider contribution, which it says make Assureweb cost-neutral for Sesame, will end next year.

Misys will clarify its latest position regarding the flotation of Sesame in its July interim results.

CSFB analyst Matthew Hammond says: “We regard the sale of Sesame as problematic for Misys.”

Bryant says: “It is no secret that Misys plans to sell Sesame and a trade sale is as likely, if not more likely, than a flotation.

“I am amazed that Credit Suisse First Boston has homed in on Assure-web in its analysis as it is such a small part of the overall business.”

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