Misys, the UK-based electronic systems group, has bought IQ Financial Systems (IQFS), an IT subsidiary of Deutsche Bank, for $40m (€31m).

The sale is part of Deutsche Bank's decision to scale back on non-core assets and businesses such as IT development. For Misys, the move signals expansion into the area of commercial lending.

Nick Clark

Deutsche Bank

HCL Technologies

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Misys buys Deutsche IT for $40m

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