BISYS Revamps Struggling Life Services Unit

For BISYS, the first quarter of the calendar year is the third quarter of its fiscal year. The company as a whole is reporting $3.2 million in net income for the first quarter of the calendar year on $272.3 million in revenue, compared with $32.5 million in net income on $244.8 million in revenue for the comparable quarter of 2003.

Jose Suquet, the former president of the life and education unit, left BISYS earlier this month, Fradin said.

Fradin said that he has taken over management of the unit, and that BISYS has hired an executive search firm to find a new unit president with a strong sales and service background.

BISYS also is trying to restructure and improve integration of the 17 regional companies it has bought in the past few years, executives said.

The life services unit is adding features to its products, revamping training programs and developing new incentives, according to BISYS Chief Financial Officer James Fox.

The changes will include the hiring of 30 new sales people. The hirings will expand the life and education unit sales force by about 20%, Fox said.