Temenos Share Buyback Programme Progress
11 January 2008
TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that, further to its announcement of 03 January, it has commenced its 2008 share buyback programme. To date the company has bought back 457,300 shares at an average price of CHF 23.94, which equates to CHF 10,949,000 (USD 9,863,000), or 15.9% of the total amount approved by the board for buybacks in the year.
Commenting on the share buyback programme, Chief Executive Officer Andreas Andreades said: "We are very happy to announce a share buyback programme for 2008. This is consistent with executing on our three year plan which foresees substantial earnings growth and significant free cash flow generation. We believe the buy back program is therefore highly accretive to shareholders.”
TEMENOS T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
-ENDS-
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: 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 44 offices worldwide, Temenos serves over 600 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 annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. 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
Peter McKenna
Temenos Marketing Director
Tel: +44 (0) 207 423 3842
Email: pmckenna@temenos.com
Evelina Amanatidou
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com