The UK-based Rhyme Systems, a provider of asset management products, has signed a definitive agreement to be acquired by 3i Infotech, a glob...

The UK-based Rhyme Systems, a provider of asset management products, has signed a definitive agreement to be acquired by 3i Infotech, a global provider of IT solutions and the fourth largest Indian software product company. The acquisition of Rhyme Systems is intended to back up 3i Infotech's move into the UK financial services market. Rhyme Systems, with turnover of over £15 million ($28 million) counts Brewin Dolphin, Coutts RBS, Jupiter, M&G, Barclays and LCH Clearnet as clients. Its products, including rhymeSIGHT, Altimis, Quasar, Fiscal and Arrow, are aimed at asset, fund and private wealth managers. Functions include portfolio management, investment administration, clearing, settlement, order management and accounting. Rhyme Systems was acquired by its management team, backed by private equity, in a management buyout from Misys in November 2003.