[1] The use of the software declined from 2001 onwards as more modern competitor products became available, but the system continued with existing banks well into the 2010s.
The first sale was made to Australia and New Zealand Bank in early 1976 and was installed and running live in their New York office in the summer of 1976.
David Tebbs (see ITNEA) became CEO in 1983 and later moved the business to Wimbledon and the company was renamed BIS Banking Systems.
Thanks to the inertia of banks, 10 year renewals and cost of migration by some accounts it could claim to have kept this leadership position into the 1990s.
It reduced risks bringing efficiency due to a fairly standardised and comparatively automated process cycle.
This pioneering move in the banking software industry was not capitalized on quickly and for the next decade the location was little more than a coding shop taking orders from the UK.
It did however provide a cheap pool of resources amenable to spending months/years on site coding modifications and fixes.
Multiple Midas catch up projects followed to retro fit basic features like product templates, customer centric banking and application program interfaces (API's) into the aging platform.
However, in the late 1990s other packaged systems within Misys and from other vendors caught up with and overtook Midas in areas like retail banking, customer and party management, work flow and most significantly treasury.
[4] Midas had built up a large user base of international branch banking and treasury operations in the previous decades.