Misys in five-year Deutsche Bank deal
Misys has signed a five-year enterprise license agreement with Deutsche Bank giving it “unrestricted access” to deploy Misys FusionBanking Lending and Misys FusionCapital solutions across the business.
Misys’ FusionBanking Lending offering includes the Loan IQ back office platform for syndicated lending and the front-end that originates from Custom Credit Systems (CCS), a US-based provider of commercial loan software (acquired by Misys in 2014).
The FusionCapital solutions include a number of treasury and capital markets (TCM) systems acquired by Misys over the years: Opics, Summit, Kondor and Sophis’ Risque.
Deutsche Bank is already a long-standing customer of Misys. It uses Kondor in Germany and Summit in the UK and the US, plus Loan IQ across a number of international sites.
Mike Grimaldi, CIO, global markets at Deutsche Bank, says it is a “new and strengthened” agreement which helps to “accelerate our technology transformation”.
FusionCapital had another taker this year – Vietnam-based Techcombank – going live on the software. The new platform, based on the Kondor product, supports TCM operations at the bank. The deal was inked in November 2014.
Elsewhere, Misys did a passable impression of the Grand Old Duke of York… “And when they were up, they were up, and when they were down, they were down, and when they were only half-way up, they were neither up nor down”.
Its initial public offering (IPO) was floated, then scrapped. It had planned a £5.5 billion float but says in a statement that it “decided not to proceed… at the current time due to market conditions”.
As Banking Technology reported this month, the IPO preparations didn’t go as smoothly as planned with the company’s shares value cut by 20%.
It would seem Misys is keen to put out positive stories in the light of the recent events, including the Deutsche Bank contract extension.