LONDON, November 7 /PRNewswire/ -- Misys (FTSE: MSY.L), the global application software and services company, today announces a partnership with Wipro Limited (NYSE: WIT), the leading IT services provider across the globe, to increase its services capability in the Middle East as part of its strategy to capture growth in rapidly expanding markets.
Wipro will establish a Centre of Excellence around Misys Opics Plus to expand distribution capacity and accelerate delivery of award-winning solutions to customers. Utilising Misys' leading technology will enable financial institutions in the region to benefit from the rapidly expanding financial market trading structures and broader asset classes.
Pre-tax profits of financial institutions in the Middle East grew by more than 30% on average last year, according to The Banker. Technology is widely seen as crucial in driving productivity improvements and providing access to new, complex instruments, as firms in the region capture increased market share and compete in a global marketplace. Tower Group, the research and advisory services firm focused exclusively on the global financial services industry, estimates that IT investment in the region's financial services is expected to grow by more than 10% a year over the next 4 years, from US$3.5bn to US$5.7bn in 2011.
Inci Kaya, analyst at TowerGroup comments: "The Middle East is a market that no global institution or technology vendor can ignore. As institutions realize the need to make their systems meet international requirements, they are investing more seriously in technology in the region."
Eileen McPartland, EVP Global Sales, Services & Support, Misys comments: "Today, we're announcing a significant step forward in the development of our Global Services business as we continue to increase our investment in the Middle East, an important growth region for Misys. Working with Wipro to establish a Centre of Excellence will enable us to deliver tangible business results for our customers faster and more efficiently."
Roop Singh, Vice President - Financial Services, Wipro says: "The alliance complements Wipro's strategy of partnering with leading solution providers to deliver business value to customers globally. Wipro has an established presence and proven track record in the Middle East region and this relationship is a step forward to deliver innovative new solutions to our customers and prospects. We are excited by the synergy arising from this partnership, which delivers a compelling value proposition to our customers."
More than 150 financial institutions currently use Misys Opics solutions globally.
Misys Opics Plus is an award-winning front-to-back, cross-asset solution that processes a wide range of financial instruments. The solution handles vanilla and complex derivatives, fixed income, and equity and treasury trades and enables higher volume trading, better risk management, and increased margins through greater operational efficiencies.
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys is a market leader, serving more than 100,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: Experience, Solutions, Results
Contact us today, visit: http://www.misys.com
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development, and maintenance services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our websites at http://www.wipro.com and http://www.wiprocorporate.com.
Josh Rosenstock - Misys plc Tel: +44(0)-20-7368-2336 Mob: +44(0)-7921-910-914 Email:firstname.lastname@example.org Rahul Kadavakolu - Wipro Tel: +44(0)-792-020-5496 Email:email@example.com
Media Enquiries: Josh Rosenstock - Misys plc, Tel: +44-207-368-2336, Mob: +44-7921-910-914, Email: firstname.lastname@example.org; Rahul Kadavakolu - Wipro, Tel: +44-792-020-5496, Email: email@example.com