Temenos disposes of commodities software business in Switzerland
15 March 2010
GENEVA, Switzerland 15 March 2010 – Temenos (SIX: TEMN), the market-leading provider of integrated core banking systems, today announces the disposal of the commodities business of Viveo Switzerland to Brady plc. The commodities business was acquired as part of the Viveo acquisition announced in December last year. The consideration received for the business, which was modestly loss-making in 2009, was CHF3.8m (USD3.5m).
The business being sold is the commodities trading software unit of Viveo Group, the French market leader in core banking systems that was acquired by Temenos for USD81m at the end of 2009. This unit, based in Geneva, had revenues in 2009 of approximately USD3.4m and made a very modest loss before tax. The cash consideration to be paid for the business is CHF3.80m, around USD3.5m.
Commenting on the disposal, Max Chuard, Director of M&A and Investor Relations, says: “While the commodities unit of Viveo was soundly run and has good prospects, Temenos is a single domain company. Strategically, therefore, this disposal will free up management time and resources time to focus on the core banking market. It is, in addition, marginally accretive to earnings in 2010.”
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 58 offices worldwide, Temenos serves over 1000 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.
For more information please visit www.temenos.com/profit
Temenos contacts:
Max Chuard
Temenos Group
Director Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1482
Email: mchuard@temenos.com
Petra Shuttlewood
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: pshuttlewood@temenos.com