UK software and IT services company Misys Plc is continuing with its disposal of businesses deemed ænon-core,Æ selling off TIS Software Ltd to five of its directors in a management buyout.
TIS has two operations, Strategix Solutions and Global Business Systems, which market integrated accountancy and management systems – Strategix in the UK and GBS in 20 other countries. TIS has annual revenues of around 10m pounds.
The sale comes two months after Misys shed eight companies at once, in another management-led buyout of a group collectively known as Ramesys Holdings Ltd (CI No 3,586). A spokesperson for Misys, which has annual revenues of around 450m pounds, explained that it had decided to sell off what was known as its information systems division, enabling it to concentrate on its core businesses of software and service sales into the financial services (banking and insurance) and healthcare sectors.
The spokesperson said there was one more operation in that division still to be sold, namely a business called Sigmex, which specializes in weather forecasting systems. He said Misys expects to announce its sales shortly.
