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11:35 AM
Nancy Feig
Nancy Feig
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HCL and Misys Sign Landmark Deal in India

Misys to become HCL's preferred banking software partner.

HCL Technologies (HCL) and Misys plc (FTSE: MSY.L), today announced a strategic partnership to open new markets and drive innovation, quality improvements and speed to market for key Misys financial services solutions in high growth economies.

There are three key elements to this partnership:

1. HCL selects Misys as its preferred banking software partner.

2. Joint creation of an upgrade solution centre to expedite upgrades. 3. Flexible global sourcing model for development to improve quality and speed to market and gain access to HCL's world leading business processes and skills.

1. Misys will be HCL's preferred banking software partner and the two companies will jointly market Misys' banking and treasury and capital markets solutions in India, Singapore and Malaysia. This is a landmark announcement enabling both companies to gain market share in fast growing economies.

India is experiencing strong growth and analysts anticipate IT spend in the banking sector will continue to grow at up to 20 percent per year. The majority of software decisions in India are won by local players, and HCL is one of India's leading global IT services companies with a very strong footprint. HCL and Misys will jointly market Misys' solutions, including Misys Opics, Misys Trade Innovation, Misys Summit and Misys Trade Portal. A similar arrangement is also in place for HCL and Misys to work together in Malaysia and Singapore.

2. Misys and HCL together will create an upgrade solution center to leverage world-class professional services skills and technical tools to more rapidly migrate customers to the latest versions of Misys software.

3. Misys has selected HCL as a preferred strategic development partner. Misys is establishing a flexible, global sourcing model for development and leveraging the expertise and capabilities of partners such as HCL, in addition to the growing Misys India development center. Misys will collaborate with partners to accelerate the delivery of new products and more efficiently maintain existing products. It is anticipated that this relationship will grow over time.

Shiv Nadar, chairman and chief strategy officer, HCL comments: "This is an exciting day for HCL, we have selected Misys as our preferred software vendor because of their track record and deep understanding of the financial services software market."

Mike Lawrie, Misys CEO, said: "This is another step in the rebuilding of Misys to deliver value for our customers in a faster and more efficient way."

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