THE Dublin based software company Credo has been sold for about £5.3 million to the British software giant, Misys. The venture capital company Delta Partners, which paid £750,000 for a 37.5 per cent stake in Credo last October is to receive about £2 million under the deal.

Income from last year's Delta investment was used to fund the international roll out of Credo's new Windows based banking product FONTIS, which will now go into corporate worldwide release by Misys.

Credo chief executive, Mr Gerry Kelly will retain his position following the acquisition, and is to take a seat on the board of the banking division of Misys.

Delta managing partner, Mr Frank Kenny said the profitable sale of Credo was further proof of international recognition for the high quality of people and products within the Irish software sector. Delta Partners, which is the youngest Irish venture capital firm, has a capital fund of over £20 million, supported by pension funds and the Bank of Ireland.

The Credo acquisition is expected, to strengthen Misys's position in the banking software sector. It represents a further expansion of the British group in Ireland. Misys already owns Kindle Banking Systems in Dublin which it acquired last year as part of its £210 million sterling purchase of the ACT group.