Temenos Augments Business Intelligence Solution
27 July 2011
GENEVA, Switzerland, 27 July 2011: Temenos (SIX:TEMN), the market-leading provider of banking software today announced that it is acquiring Primisyn, a Canadian provider of business intelligence (BI) software for the financial services sector. The acquisition price was not disclosed.
Primisyn is the leading provider of BI and profitability solutions and services to the Canadian credit union (CU) market. Its Simplus Enterprise Suite (Simplus) is a comprehensive, modular BI solution designed and certified on the Microsoft platform. Simplus provides CUs with business critical information to facilitate informed decision making and streamline business processes in every department across the organisation including finance, marketing, operations, human resources, and risk management.
Temenos will integrate Simplus into its existing BI solution, Insight, extending the product offering into customer analytics and enhancing the operational intelligence functionality. The acquisition of Primisyn will strengthen Temenos’ BI development team and reinforce its presence in the growing Canadian market. The acquisition underscores Temenos’ efforts to not only become the leading risk management provider for the global T24 community, but also the ambition to become a leading provider of BI solutions for the broader financial services market.
The total acquisition price, which was not disclosed, consists of an up-front consideration and further payments contingent on Primisyn achieving performance criteria.
Todd Winship, co-founder of Primisyn said “This is a very exciting event for Primisyn. Our product has enjoyed a broad acceptance and strong growth in the Canadian market, with seven of British Columbia’s top 20 credit unions as our customers. By uniting with Temenos we will contribute to a larger, very dynamic BI solution, to the benefit of our mutual and future customers.”
Graham Goble, Product Director of Insight, Temenos commented, “Insight is one of the fastest growing applications in the Temenos solution set and a focus of strategic investment. Gartner predicts that BI, analytics and performance management could grow at a CAGR of 8.6% through 2015. Furthermore, 50% of banks that were surveyed at the Temenos Community Forum this year confirmed that BI is a top three IT investment priority for 2011. We intend to fully participate in this growth market and the acquisition of Primisyn will further align our product offering with current market requirements while enhancing our strategic relationship with Microsoft.”
Guy Dubois, Temenos CEO added, “Business intelligence is a large and fast-growing market within the financial services software sector. Since moving into the BI market in 2008, Temenos has made substantial investment in sales and research and development, and seen rapid sales growth. With this acquisition, we broaden our product offering to include customer analytics and operational intelligence, which will enable us to address a larger market and so, we believe, sustain our double-digit compound growth rates in BI. We welcome the Primisyn team and its customers to Temenos and we look forward to achieving exciting results.”
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 more than 60 offices worldwide, Temenos serves over 1,200 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 2010; 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
About Primisyn
Primisyn provides business intelligence and profitability solutions and services to the Credit Union industry in Canada. Their comprehensive suite of solutions allows Credit Unions to analyse the profitability contribution of all aspects of their business including members, products, branches, and lines of business. Their solutions are in use at 15 Credit Unions across Canada. They are a Microsoft Certified Partner with a specific competency in business intelligence technologies. For more information please visit: www.primisyn.com
Other Temenos contacts:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 22 708 14 82
Email: mchuard@temenos.com
Petra Shuttlewood
Temenos PR Manager
Tel: +44 207 423 3751
Email: pshuttlewood@temenos.com
Sarah Bowman
Associate Director
Investor Relations
Tel: +1 646 472 8069
Mob: +1 646 752 5463
Email: sbowman@temenos.com
Claire Barry
Hudson Sandler for Temenos
Tel: +44 20 7710 8940
Email: cbarry@hudsonsandler.com
Lucy Clark
Hudson Sandler for Temenos
Tel: +44 20 7710 8934
Email: lclark@hudsonsandler.com