Temenos and Saudi business machines join force to deliver core banking solutions in Saudi Arabia
18 January 2005
GENEVA, Switzerland – 18 January 2005, TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems, and Saudi Business Machines Ltd. (SBM), an information technology and professional services provider, today announced that SBM is now a systems integrator partner of TEMENOS. SBM staff, trained by TEMENOS, will be in a position to implement TEMENOS™ T24 core banking software and provide post-live services to customers in Saudi Arabia.
There is a strong growth in the financial services sector across the GCC and broader Middle East and North Africa (MENA) region with subsequent increases in IT investments and spending which totalled $1 billion in 2003 by the financial services industry, or approximately 12.5 per cent of total regional information technology spending. (Source: Middle East North Africa Financial Network, Inc. 2004).
Thomas Tattis, SBM country manager, professional services, comments: “We are proud to partner with TEMENOS. Combining our regional experience in system implementation, integration and support services for the TEMENOS™ T24 compelling universal banking solution to customers in Saudi Arabia, gives us a leading edge in the financial industry.” SBM was established in 1981 and has over 500 employees. SBM has a very strong professional services operation and is the general marketing and services representative of IBM World Trade Corporation in the Kingdom of Saudi Arabia.
TEMENOS™ T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end of day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Andreas Andreades, CEO of TEMENOS, adds: “TEMENOS™ T24 is the best-selling integrated banking system in Saudi Arabia and is currently used by seven banking organisations in the region. Our alliance with SBM, which has a strong professional services organisation in Saudi Arabia, is in line with our strategy to strengthen our position in the Middle East region. Our existing and prospective clients in Saudi Arabia can now benefit from a Saudi-based implementation and post-live service.”
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About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com
About SBM
Established in 1981, Saudi Business Machines Ltd (SBM), is one of the E.A. Juffali and Brothers Group of companies and the general marketing and services representative of IBM World Trade Corporation in the Kingdom of Saudi Arabia.
Based in Jeddah, and with branches in Riyadh, Al-khobar and Jubail, SBM is the leading IT company in Saudi Arabia and has over 500 employees - all committed to provide a complete portfolio of IBM hardware and software products - building the platform for an extensive range of SBM services and solutions.
Software and Professional consultancy, together with services in networking, business recovery and operations support, are all part of the total solution provided to customers - alongside tailored maintenance services support for IBM and non-IBM products. SBM plays a leading role in supporting the community with new products, innovative services and advanced technologies and is committed to the continuing development and transfer of Information Technology within the Kingdom.
For more information, contact:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Ben Robinson
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: brobinson@temenos.com
Bianca Morgan
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: bmorgan@temenos.com
Chris Patmore
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596
Email: chris.patmore@metia.com