Misys Acquires IQ Financial Systems
The assets and liabilities of IQ Financial Systems (IQFS), a majority held subsidiary of Deutsche Bank, has been acquired by Misys for $40m in cash. The acquisition extends Misys’ penetration in the commercial lending segment of the banking software market through IQFS’s LOAN IQ product – which manages the lifecycle of a loan. Misys expects to build upon IQFS’s position in the North American market whilst achieving further penetration into the European and Asia Pacific markets. The purchase was funded from Misys’ existing resources. IQFS will be integrated into Misys Wholesale Banking Systems. The CEO and President of IQFS, Edward Ho, will be among more than 100 staff transferring to Misys.