Farnborough, UK-based Systems Union Group plc, announced that it has reached an agreement to make an offer to acquire MIS AG of Darmstadt, Germany, a leading global provider of business intelligence solutions. MIS will operate as a subsidiary of Systems Union Group within a newly formed Business Intelligence Division. In North America, Systems Union is headquartered in Miami, Florida and MIS AG is located in Newark, New Jersey.

Systems Union has agreed to pay a total consideration of GBP 23.7 million (approximately US $40 million) and, as at 10th October 2003, it had received irrevocable undertakings to accept the offer and a call option in aggregate of 50.7 percent of the MIS shares.

MIS AG enables companies to enhance business performance through customized planning, reporting and analysis solutions. More than 23,000 users in 1,000 companies around the world use its software for business-critical initiatives ranging from real-time sales analysis and consolidation to risk management and long-term planning.

Founded in 1988, MIS has a workforce of 460 people and its shares trade on the Frankfurt Stock Exchange’s Prime Standard under the symbol MIX. Headquartered in Darmstadt, the company has seven offices in Germany, seven subsidiaries in Europe and thirteen representative organizations worldwide.

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