Citicorp Sells Matching Solution To Misys
Crossmar, a subsidiary of Citicorp, has sold its Crossmar Matching Service (CMS) to Misys. The system – a confirmation matching service for foreign exchange/money market (FX/MM) transactions between banks, corporate customers and fund managers – will become part of Misys Wholesale Banking Systems and be renamed Misys CMS. The acquisition, valued at US$ 13 million, includes the CMS platform and infrastructure, and will enable future ASP development across other Misys banking solutions. The core management team will be among more than 50 staff transferring to Misys Wholesale Banking Systems. International offices will be merged with existing Misys offices in New York, London, Tokyo and Singapore.