AGILYSYS INC — Director's Dealing 2008

Feb 5, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: AGILYSYS INC (AGYS)
CIK: 0000078749
Period of Report: 2008-01-31

Reporting Person: MAK Capital (10% Owner)
Reporting Person: MAK Capital Fund LP (10% Owner)
Reporting Person: Kaufman Michael A (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1130000	Direct
Common Stock	1378468	Indirect

Footnotes

F1: Reflects the securities of the issuer owned directly by MAK Capital Fund LP ("MAK Capital Fund").

F2: Reflects the securities of the issuer owned indirectly by Paloma International L.P. ("Paloma") through its subsidiary,
Sunrise Partners Limited Partnership.

F3: MAK Capital One LLC ("MAK Capital One") acts as the investment manager of MAK Capital Fund and Paloma with respect to the
securities reported herein. Michael A. Kaufman is the managing member of MAK Capital One and the controlling person of MAK
Capital Fund. S. Donald Sussman is the controlling person of Paloma.

F4: MAK Capital One and Mr. Kaufman may each be deemed to indirectly beneficially own the shares of common stock held by MAK
Capital Fund and Paloma. Mr. Sussman may be deemed to indirectly beneficially own the shares of common stock held by
Paloma. For purposes of this Form 3, MAK Capital One, Mr. Kaufman and Mr. Sussman each disclaims ownership of the shares of
common stock owned by MAK Capital Fund and Paloma, except to the extent of their pecuniary interest therein.