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BISYS Puts Education Unit On Block

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NU Online News Service, March 31, 2005, 5:26 p.m. EST

A New York financial services support firm says it plans to sell its training division.[@@]

The firm, BISYS Group Inc., says it already is talking to parties interested in buying the BISYS education services business and will classify the net assets of the business as “held for sale.” The company will present the results for that business in its financial reports as results for a discontinued operation.

BISYS may have to reduce its level goodwill by about $90 million as a result of the sale of the educational services unit, the company says.

“The impairment charge is not expected to result in future cash expenditures,” BISYS says in a report filed with the U.S. Securities and Exchange Commission.

BISYS also sells support services to banks, insurance companies and mutual fund companies.

Some observers have been posting on Web message boards about the possibility that BISYS might be involved in talks to sell divisions other than the education services division or in talks about outsourcing some of its operations.