Misys India to up software staff

Misys Plc, UK-headquartered software vendor plans to boost the number of staff at its Indian subsidiary, Misys India. It is preparing for potential client wins for its retail banking and risk management software products in the region, industry sources said.

The company is increasing its staff four-fold at its retail banking software development centre in ITPL here by the end of this year. Misys was also bullish about prospects for selling various professional services around its products, the sources said.

This week, a director of professional services business from the parent company was also here, reviewing work at the Bangalore centre and the firm's business in the sub-continent. Among the banks that use Misys' products are Bank of India, IndusInd Bank and the State Bank of India, they said.

Retail banking staff at the development centre number over 300. The company is "planning to employ another 1,000 by this year end."

Development work on the retail banking products, Equation Plus and Bankmaster, was done at this centre. A year ago Misys expanded its software development operations in India by setting up the Bangalore facility for product development and professional services.

Jim McGregor, head of development and support of the company's risk management systems unit, had said then, the expansion was part of the company's strategy to expand its offshore software development centres in India and the Philippines.

Staff working on risk management products, in Bangalore, would be some 250 by end of this year, from 100 at the end of last year. They would help improve a risk management product suite, Risk Vision.

The 2006 deadline for European banks to implement the Basel II recommendations, those banks would need to upgrade their existing risk management systems to comply. Misys saw opportunity there.