TIS Software has been bought from Misys by a consortium consisting of five of its directors, backed by a venture capital firm. The management buy-out was led by TIS managing director Peter Lusty. Although terms were not discussed in an official release put out today, according to industry analyst Richard Holway, the deal is valued at around £5 million. TIS will retain 50 per cent of the company's equity, Holway said, with venture capitalists Sand Aire Private Equity paying £2.65 for its half. Strategix Solutions and Global Business Systems are both part of the TIS group. The former specialises in accounting software and systems for resellers and others in the high volume distribution market. Global has an international customer base for its accountancy packages. Lusty was in bullish form, saying: "This is great news for everyone connected with TIS Software, Strategix Solutions and Global Business Systems. ®