Wipro, Misys target Middle East to drive growth

Sunday, 25 November 2007, 08:00 Hrs
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Bangalore: Wipro and Misys plc, a London-based IT firm in healthcare and financial services segments, have entered into a tie-up to drive growth in the Middle East market.

According to a statement Friday, Wipro will set up a centre of excellence around Misys Opics Plus, a solution developed by the Misys, to expand the distribution network and accelerate the delivery of such products in the Gulf region.

The Misys solution can process a range of financial instruments and handle both simple and complex derivatives in equities and treasury trades. It can also enable higher volume trading and better risk management, the statement added.

The Tower Group, a consultancy focused on financial services sector, estimates IT investment in the region's financial services sector to grow over 10 percent annually over the next four years to $5.7 billion.

"The Middle East is a market, which no global institution or technology vendor can ignore," said Tower Group analyst Inci Kaya.

"As institutions realise the need to make their systems meet the international requirements, they are investing more in technology in the region," Kaya added.

Globally, about 150 financial institutions use Misys Opics solutions. The firm employs about 4,500 people worldwide to serve customers in about 120 countries.
Source: IANS
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