Misys Banking Systems has acquired Neomalogic, the trade finance solutions company, for €12mn in cash. Headquartered in Paris, Neomalogic has successfully developed and marketed its electronic banking trade finance solution, Global Trade Portal, which allows corporate customers of banks to manage all their trade services via the internet. The product will be re-branded with immediate effect as Misys Trade Portal.

Developed in Java, Misys Trade Portal strengthens Misys Banking Systems’ existing trade services product portfolio with additional functionality enabling users to trade more efficiently. Misys Trade Portal will be sold as an integrated solution with Misys Trade Innovation as well as a standalone product. This new solution will provide an upgrade path to a new technology platform for existing customers of Misys Online Banking Trade Edition.

Andrew Hebron, head of product management, international and regional banking, Misys Banking Systems, comments, “Neomalogic’s Global Trade Portal is universally recognised as the market-leading product in its class for the international market. Its award-winning product is being used by some of the major banks in the world, including BNP Paribas, Soci&eaute;té Générale and Lloyds TSB. Not only does it provide corporates with a highly functional trade finance solution, it also allows banks to create a trade finance community within their client base and integrate into their clients’ daily trade activities. When implemented with Misys Trade Innovation, Misys Trade Portal provides a proven, integrated solution for global trade banks.”