Software developer Misys has put aside #18 million to spend on acquisitions and is in talks with five potential candidates.
The UK firm wants to expand into retail banking to complement its business providing back office systems for commercial banks, according to Misys chairman Kevin Lomax.
Interim results saw a 23 per cent rise in pre-tax profit to #23.7 million for the six months to November. Turnover rose 10 per cent to #142.8 million.
Lomax said: ?These results reflect the strong positioning of our international financial services businesses, which account for over 90 per cent of group operating profits. With healthy order books, we are confident that the group should record strong further progress.?
Last year, Misys bought two US firms, Summit Systems and Frustum, for an initial sum of $93.7 million with a further $49.7 million payable over the next three years.
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