Misys is expanding its software development operations
in India by setting up a facility in Bangalore for product
development and professional services around wares from its risk
management systems business unit.
The expansion in Bangalore is in line with the company's
strategy to expand its offshore software development centres in
India and the Philippines.
The facility will have 100 people by next year, which will go up
to 250 by 2006, according to Jim McGregor, head of development and
support of the risk management systems unit.
"With the 2006 deadline for banks to implement the Basel II
recommendations, major European financial institutions will need to
upgrade their existing risk management systems to comply," said
McGregor.
"Misys risk management systems is upgrading its flagship risk
management product suite - Risk Vision - to incorporate
the functionality required, and we expect the Bangalore team to
contribute significantly to this effort."
Basel II is a set of worldwide banking regulations covering risk
assessment and operational procedures.
Misys' products target the banking and securities, health care,
and financial services markets.
The retail banking systems unit of Misys banking and securities
division already has a centre in Bangalore with 300 staff, which
offers end-to-end product development and offers professional
services around the company's Bankmaster product suite.
Misys hospital systems, a part of Misys healthcare division,
also located in Bangalore, employs about 100 people.
Misys also has offshore development centres in Manila which
offers software development work around Equation, a retail banking
product, and Midas, a product for wholesale banking.
The cost of doing software development in India is about the
same as in the Philippines, but India offers manpower with a larger
variety of software development skills and expertise, according to
Donal McGranaghan, head of the Bangalore centre of the retail
banking unit.
John Ribeiro writes for IDG News Service