Nynex Corp. yesterday announced the completion of the sale of BIS Group Ltd. to ACT Group PLC.
ACT, a Birmingham, England-based marker of software for financial companies, paid $140 million for BIS after winning the approval of its shareholders and the British Office of Fair Trade last week.
The transaction includes BIS Banking System, BIS Information Systems, and Brann Direct Marketing.
Offers Midas System
BIS Banking System's principal product is the Midas international banking system. The unit also provides information technology consulting, software solutions, and services to finance, government, and utility sectors.
According to spokesman Glen Brandow, the sale is part of Nynex's strategy to concentrate its efforts on key lines of business which focus on its core competencies in telecommunications.
Nynex is expecting to recognize a material gain from the sale, since the 1987 purchase of BIS was accounted for as a pooling of interests. However, the Nynex spokesman said the sale's net effect on earnings is uncertain at this time.