Sesame sells stake in Assureweb
Misys plc, the global software company, today, 11 July 2005, announces that Sesame, a wholly owned subsidiary, has sold its 60% stake in Assureweb Limited, the B2B internet portal for transaction of life and pensions business. The transaction will be executed by Assureweb buying back Sesame’s shares. The five existing investing providers (AEGON UK, Clerical Medical, Friends Provident, Norwich Union and Scottish Widows) will increase their collective ownership stake in Assureweb from 40% to 100% and take full operational responsibility for Assureweb. Assureweb has gross assets of approximately £12m.
Sesame will remain committed to the Assureweb platform but believes that the business has progressed to a stage both technically and operationally where it should now be taken forward by the product providers as a portal for the IFA community. This necessary change in the ownership structure allows the product providers to decide how they wish to develop the Assureweb proposition so that it works most effectively for intermediaries and thereby achieves effective industry penetration.
The disposal of Sesame’s stake in Assureweb is likely to give rise to a small accounting loss on disposal.
Enquiries:
Susan Cottam
Group Communications Director
Misys plc
Tel: +44 (0)207 368 2305
Email: susan.cottam@misys.co.uk
Group Communications Director
Misys plc
Tel: +44 (0)207 368 2305
Email: susan.cottam@misys.co.uk
Andrew Farmer
Head of Investor Relations
Misys plc
Tel: +44 (0) 20 7368 2307
E-mail: andrew.farmer@misys.co.uk
Head of Investor Relations
Misys plc
Tel: +44 (0) 20 7368 2307
E-mail: andrew.farmer@misys.co.uk
About Misys plc
Misys plc (FTSE: MSY), the global software company, is one of the world’s largest and longest-established providers of industry-specific software. Founded in 1979, Misys serves the international banking and healthcare industries and the UK general insurance industry, combining technological expertise with in-depth understanding of customers’ markets and operational needs. In banking it is one of the top four software providers worldwide and the largest outside the US, with a client base that includes 90% of the world’s top 50 banks. In healthcare it is a top five software provider in the US market, serving more than 92,000 physicians in 18,000 practice locations, 1,250 hospitals and 600 home care providers. In UK general insurance it is the market leader in software solutions. Through Sesame, a wholly-owned subsidiary, it is also a leading provider of support services to over 8,000 financial advisers in the UK. Misys employs over 6000 people internationally and has customers in over 120 countries. For more information, visit www.misys.com
