Software provider Misys acquired Sophis, a capital markets software vendor, in an effort to strengthen its buy-side solutions and boost its fund manager clientele.
Misys bought its fellow software firm for €435m. The firm said Sophis’s buy-side solutions were complementary to Misys’s sell-side strengths.
Sophis was a highly profitable company, with revenue of €74m and operating profit before interest and tax of €30m in the year ended 31 December 2009.
The company’s high operating margin and low tax rate will significantly increase Misys’s profitability, bringing significant accretion to adjusted earnings per share in the first full financial year after acquisition.
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