Bangalore: Expanding its India operations, leading UK (United Kingdom)-based global software product company Misys today (Jan 30, 2004) announced the opening of its third development centre in Bangalore for its risk management systems business.

With the growth target of more than 100 employees for the new team, Misys' total headcount in Bangalore is expected to exceed 500 full time staff, Jim McGregor, head of development and support, Misys Risk Management Systems said.

By 2006, 250 people would be in full service operation in the new centre, he said.

Misys set up its first business unit, Misys International Financial Systems Pvt Ltd, in Bangalore in 1998 and it now has 275 people. Misys Hospital Systems, part of the Misys healthcare division also has a development centre.

"We are making ongoing investment in expanding offshore development resources in Bangalore and Manila," Helen O'Dea, people and communications director, Misys banking and securities division, said.

Bangalore contributed 22 per cent of the company's "development capacity", she said.

Asked about the outcry in developed countries over outsourcing, she said, "We are looking at expanding, enhancing and building our capacity in a cost effective way that allows us to be competitive. It (the outcry) has not impacted on the company's strategy," she said.

Misys banking and securities division, she said, was the world leader in banking and securities products, with 92 per cent of the world's top 50 and 56 per cent of the world's top 250 banks as its customers.