Date Closed

March 1, 2011

Lead Office

Toronto

On March 8, 2011, Misys plc announced that it has made a significant acquisition to enhance its Transaction Banking offering in the United States. The deal with Gandacar Consulting Limited ("GCL") includes the intellectual property, software and expertise behind the ST-Pymnts, TradeWatch, OFAC and FinCEN products. This deal is a key enabler in the company's strategic vision for its business in this important market.

Misys had previously integrated the GCL solutions within its offering and currently has 15 customers benefiting from the partnership in the United States. Acquiring and fully integrating the software and IP into the Misys strategic offerings and roadmaps will provide a great opportunity for banks looking to improve their global footprint.

GCL's experience of US domestic payments, including FED and CHIPS (the Federal Reserve's Fedwire funds transfer service and the Clearing House Interbank Payment Systems) complements Misys' deep global knowledge of payments hubs and connectivity to SWIFT. GCL's US-centric payments engine will be combined with existing Misys international payments capabilities so that not only will US-based banks now have an easier path to international expansion but also non-US banks can add US connectivity to their international payments processes.

Completed on March 1, 2011, the deal significantly opens up the US market to Misys, which now has a broader front-to-back solution for the transaction banking market there with certified connections to FED and CHIPS.

Misys, headquartered in London, United Kingdom, is a multinational software company that specialises in software for banking, capital markets, lending, enterprise risk and investment management.

CGL, headquartered in Carleton Place, Ontario, offers varied services for clients including programming and systems analysis, value added communication products from leading manufacturers, developing new communication systems, or upgrading the client's existing system. 

McCarthy Tétrault LLP represented Misys, the acquiror, with a team led by Ian Palm.