Tech giant Misys acquires Hungarian firm

Hungary’s IND Group, which has grown from a garage company at the end of the 1990s into a leading innovator in digital channels solutions, has been acquired by Misys, a global giant of financial technology solutions.

The purchase price has not been disclosed but considering the success of IND Group and the takeover by such a key player of the industry, Misys could have paid a pretty penny for the Hungarian company, possibly over HUF 10 billion or even more than HUF 20 bn, the financial website portfolio.hu notes.

It is most difficult to put a price tag on IND Group, given that - stemming from the nature and line of business of the company - it is likely conditional to IND Group’s future performance.

The life of IND Group as we know it, however, does not end here. The company, which has bold ideas and unconventional moves under its belt, will continue to exist as one of the divisions of Misys Digital Channels, with Hungarian management and know-how. The transaction is a perfect example of global players queuing up for IT firms offering solutions for the financial sector, portfolio.hu adds.