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: "Around £260m (€420m) has been drawn down, largely to pay for our two large cash acquisitions last year."