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Misys buys Hungarian firm to expand retail banking offerings
February 10, 2014 / 9:31 AM / 4 years ago

Misys buys Hungarian firm to expand retail banking offerings

BUDAPEST, Feb 10 (Reuters) - London-based financial software provider Misys has acquired Hungary’s IND Group, a specialist in online and mobile banking and personal finance management systems, Misys said in a statement on Monday.

The company said the acquisition would add consumer-oriented systems to Misys’s core banking capabilities.

Misys did not disclose the price it had paid.

In a separate statement, IND Group said it had achieved revenue of more than 5 billion forints ($22 million) last year and had close to 40 banks among its clients in 15 countries in Europe and the Middle East.

“The market for digital banking is exploding. More than half a billion people already use mobile devices for personal banking and this is set to double in the next four years,” Misys CEO Nadeem Syed said in the statement.

“This deal reinforces our digital banking proposition in this rapidly expanding area,” he added. ($1 = 226.8569 Hungarian forints) (Reporting by Krisztina Than; Editing by David Holmes)

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