GENEVA, Switzerland, 2 November 2016 – Temenos AG (SIX: TEMN), the software specialist for banking and finance, today announces that it will launch its share buyback programme on Thursday 3 November 2016.
The Group has received Swiss Takeover Board approval to purchase up to 1,600,000 of its shares for a maximum amount of CHF 99 million (c. USD 100 million). This maximum amount of shares is equivalent to 2.40% of the registered share capital of the company.
The shares will be purchased in the open market between 3 November 2016 and no later than 29 December 2017. The repurchased shares will be used to cover future employee stock ownership plans and/or for potential acquisitions.