Temenos update
01 February 2007
GENEVA, Switzerland – 1 February 2007 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today made the following announcement:
While TEMENOS does not generally respond to market rumours, in light of several enquiries we have received today, we feel it is important to communicate to our shareholders with regard to a recent press article related to our project for one of our clients.
While TEMENOS is constrained from commenting on the specifics of progress of any project we are pleased to report that the work on delivering a TCB Java solution is continuing to move forward with a pre-release version of TCB already delivered, with IBM and Sun having performed validation work.
Our Tier 1 and Tier 2 strategy remains firmly intact and we remain committed to delivering continued, significant and competitive advantage to our clients through the delivery of state-of-the-art and technologically superior banking software solutions to replace aging and legacy proprietary systems. In the last two years, we have signed contracts with eight Tier 1 institutions, out of which five are already using our software in live production.
TEMENOS is a mature, proven software vendor servicing more than 550 institutions worldwide across our two products with approximately 40% of our license revenues from Tier 1 and Tier 2 institutions. Our clients’ successes in the use of our products strongly demonstrate the superiority of our product offerings.
Our business model and diversified client portfolio ensures that no single client represents more than 5% of revenues in any given year. This, in addition to our conservative revenue recognition policy, delivers a robust balance sheet and ensures the recoverability of our receivables.
Throughout 2005 and 2006 we have proven our business model by over-delivering and raising our outlook a total of five times. We continue to see strong business momentum as well as strong demand for our software and we therefore expect to continue over-delivering in 2007.
TEMENOS looks forward to releasing its fourth quarter and full year 2006 results as planned on the 28th of February 2007.
- ENDS -
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
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