UK IT firm expands Indian operations

Friday, 30 January 2004, 08:00 Hrs
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BANGALORE: Misys plc, a leading UK-based software product firm, is expanding its Indian operations by opening its third development centre here.

The $1.6-billion global major will hire about 100 lateral techies this year to develop software products and offer service support for its Risk Management Systems' business.

The expansion of the risk management systems will enable the firm to consolidate its position in the retail banking solutions space on the Unix platform.

"The facility will undertake development projects and build additional .NET functionality into Risk Vision, which is the latest risk management product suite.

"The development includes functional enhancement and technology changes across the product set," declared Misys banking and securities division CEO Ivan Martin here Friday.

The addition of over 100 software professionals will take the total number of employees in its Indian subsidiary to about 500, including the existing staff for healthcare systems and financial services.

The company's first two offshore centres here deal with full life cycle product development and customer support in the healthcare and financial services divisions. The centres primarily cater to the US and UK markets.

Around two-thirds of its employees here work on Misys' flagship banking product Bankmaster for releasing newer versions and upgrades to its client base the world over.

"With the 2006 deadline for banks to implement the Basel-II recommendations being only two years away, major European financial institutions will have to invariably go for upgrading their existing risk management systems.

"We see lot of business potential in selling the risk management systems to our existing client base in the US and Europe, including several banks with global presence," Martin stated.

As a new unit of Misys banking and securities division, Misys Risk Management Systems will provide integrated risk management software solutions to financial institutions and banks.

Though a listed firm on the London Stock Exchange, the company declined to disclose the investments made so far in its Indian operations or for its expansion plans.

Besides focusing on offshore development activities, the company has forayed into the Indian financial sector to promote its flagship product and its solutions.

"Currently, we have 15 clients in the sub-continent, including a few branches of foreign banks such as American Express, Rabobank, Stanchart and Societe Generale," Martin affirmed.

Misys has also tied up with a couple of Indian banks to deploy its products. For instance, Bank of India had signed a $4-million deal last year to install its products for enhancing its global processing capability.

Source: IANS
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