NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- The BISYS Group, Inc., a
leading provider of business process outsourcing solutions for the financial
services sector, announced that its Board of Directors has authorized a new
stock buy-back program of up to $100 million of its outstanding stock.
Purchases will occur from time-to-time in the open market to offset the
possible dilutive effect of shares to be issued under employee benefit plans,
for possible use in future acquisitions, and for other general corporate
purposes. This new program supersedes the share purchase program previously
authorized by the Board of Directors. Under the former program, BISYS has
purchased approximately 3.5 million shares of its common stock at a total
purchase price of approximately $50.9 million.
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 370 clients,
representing approximately 2,100 mutual funds, hedge funds, private equity
funds, and other alternative investment products with approximately $700
billion in assets under administration. BISYS' largest group also provides
retirement services to more than 17,000 companies in partnership with 40 of
the nation's leading banks and investment management companies, and offers
analytical research and competitive intelligence through its Financial
Research Corporation (FRC) subsidiary. Through its Insurance and Education
Services group, BISYS is the nation's largest independent distributor of life
insurance and the premier provider of the support services required to sell
traditional and variable life, long-term care, disability, and annuity
products. BISYS is also the nation's second largest independent wholesale
broker of commercial property/casualty insurance. This group complements its
insurance distribution services with a comprehensive compliance management
solution that supports insurance and investment firms and professionals with
more than 215 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
James L. Fox, Executive Vice President and
Chief Financial Officer of The BISYS Group, Inc., +1-212-907-6015
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