Kevin Budge, commercial director of 1st Software, says his firm made the first move in a deal to buy back a stake held by Misys.
The reason for doing the deal from 1st's perspective was to avoid a possible future conflict of interest with a less benign stakeholder in light of Misys recent activities involving the sale of assets. ”We wanted to be in control of our own destiny,” Budge says. The two companies today announced the deal today, which will see 1st Software buy back Misys' stake for a sum undisclosed by mutual consent. Misys subsidiary Sesame recently sold its 60% stake in Assureweb to providers Aegon UK, Clerical Medical, Friends Provident Norwich Union, Scottish Widows, through a deal that saw Assu...
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