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Misys keeps $300m cash for acquisition opportunities in 2002

Misys, one of the UK's largest software providers, is ready to draw on around $300m (€340m) of cash for acquisitions across all three of its business sectors over the next year.

Kevin Lomax, chairman of Misys, said the cash would come from a $700m credit facility set up last year, arranged by Royal Bank of Scotland and Lloyds TSB, in which JP Morgan participated. Lomax said: &quotAround £260m (€420m) has been drawn down, largely to pay for our two large cash acquisitions last year.&quot

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