GENEVA, Switzerland, 1 April 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, provides the following statements regarding the proposed acquisition of Metavante Technologies Inc, with which it has a strategic agreement in the US, by Fidelity National Information Services.
The strategic agreement
In February 2007, Temenos and Metavante entered into a strategic agreement to co-develop and market an advanced core banking platform based on Temenos Corebanking (TCB), to be targeted at top-tier US financial institutions. This agreement gives exclusivity to Metavante to market the jointly-developed product in the United States and it entitles Temenos to certain minimum royalty payments up until 2012.
In July 2008, Temenos and Metavante extended their relationship by signing a joint marketing agreement for T24 in the United States. The marketing agreement is initially focused on the US branches of foreign institutions. It is a non-exclusive agreement and no contractually-binding payments are received by either party.
In 2008, Metavante and Temenos announced the first successes for T24 and the TCB-derived product in the US.
The potential impact from this acquisition
Temenos will engage in dialogue with Metavante to determine what, if any, impact this acquisition will have on the joint project and strategy for the US market.. However, it should be noted that the contract between Temenos and Metavante concerning the joint development and marketing of TCB in the US is binding upon both parties and assigns to successors in the case of either party being acquired.
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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 52 offices worldwide, Temenos serves over 700 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. Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies. For more information please visit www.temenos.com
For more information, contact:
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Associate Director, IR & Business Strategy
T: +41 (0) 22 708 1535
M: +41 795 207208/ +44 7803 887929
Tel: +44 (0) 20 7710 8910