Midas-Kapiti International and CATS Software Inc, both divisions of the UK software group Misys Plc, are forming a new business entity called MKIRisk, combining the risk management business of MKI with CATS, the Palo Alto, California firm acquired by Misys for $60m at the end of last year. MKI, the Misys international banking software systems arm, was formed from the merger of BIS International, Kapiti Ltd and Misys’ ACT Group Plc acquisition in 1995 (CI No 2,715), and enter the Risk management business a year later (CI No 2,946). The new firm will be based in Palo Alto, and Davide Gilbert, formerly president of CATS, will serve as president and CEO. The company will preside over the integration of CATS’ Carma enterprise risk management software with MKI’s Global Manager/Risk Vision global limits management package. MKIRisk’s customer base of worldwide financial institutions includes one third of the world’s fifty largest commercial banks.
