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June 5, 1988

BOS SOFTWARE DROPS PLANS TO FLOAT, SELLS OUT TO MISYS

By CBR Staff Writer

Thwarted in its plans to go public on the Unlisted Securities Market by the aftermath of Meltdown Monday – the low level of trading made it unattractive to proceed – BOS Group has been talking with a number of companies about merger or acquisition. Late last week those talks culminated in agreement to be acquired by insurance software specialist Misys Plc of Worcester. Misys is to pay just over 2m new shares to the 40 shareholders of BOS Group – directors, employees and three major institutions valuing the business software and operating system developer at UKP5.8m. BOS shareholders will end up with 20% of the enlarged company after the transaction. BOS, which had operating profit of UKP419,000 for the year to April 1987 on turnover of UKP3.8m, and unaudited operating profit of UKP550,000 in the 11 months to March 31 this year, will operate as an autonomous subsidiary under its existing chairman Alan Jack, who also joins the board of Misys.

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