GENEVA, 28 May 2010 – Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announces that it has disposed of the assets of VBF Consulting, the consulting arm of Viveo Group. The assets of VBF Consulting, which had 35 employees, have been sold to Investance, a French-based privately-owned consulting firm specialised in financial services. The price has not been disclosed.
In 2009, the VBF Consulting business contributed EUR4.5m (USD5.5m) of revenues to the Viveo group. However, it was marginally loss-making, having made a EUR0.3m (USD0.35m) loss before tax in the same year.
Commenting on the disposal, Max Chuard, Director of M&A and IR at Temenos, said, “VBF Consulting was a generic banking consultancy firm. What is more, it was a largely independent unit within the Viveo Group. Accordingly, we viewed the business as non-core to the overall Temenos operations and believe that it has a better fit with its new owner. The effect of disposal on Temenos’ income statement in 2010 is largely immaterial and, in fact, should be slightly accretive to earnings.”
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 56 offices worldwide, Temenos serves over 1000 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 2009, 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 Investance
Founded in 2001, Investance is a trusted partner to financial services firms round the globe, providing them with the insights, ideas and expertise they need to adapt to a fast-changing market. With offices in London, New York, Hong Kong and Paris, we support clients in a range of financial sectors across Europe, America and Asia. We help them address all sort of challenges - from devising business strategy to building the technology to execute that strategy. We believe the best way to effect change for our clients is through collaboration – which is why our clients see us more as partners than service providers. We bring to projects the expertise of consultants and the team spirit of colleagues.
Temenos contacts:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Petra Shuttlewood
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: pshuttlewood@temenos.com
Ben Robinson
Director, Strategic Planning
T: +41 (0) 22 708 1535
M: +41 795 207208/ +44 7803 887929
brobinson@temenos.com
Sarah Bowman
Associate Director, IR
Tel: +1 646 472 8069
Mobile: +1 646 752 5463
Email: sbowman@temenos.com
Claire Barry
Hudson Sandler for Temenos
T +44 (0)20 7710 8940
Email: cbarry@hudsonsandler.com
Lucy Willatt
Hudson Sandler for Temenos
T +44 (0)20 7710 8912
Email: lwillatt@hudsonsandler.com