GENEVA, Switzerland – June 2, 2020 – Temenos (SIX: TEMN), the banking software company, and HCL Technologies (HCL), a leading global technology company, today announced the signing of an exclusive strategic agreement for non-banking services. As part of this agreement, HCL has been granted a license to develop, market and support Temenos multiexperience development platform (MXDP) for non-banking services. The agreement is exclusive for seven years. Temenos will continue its R&D investment in its industry-leading Temenos MXDP and will support and service both Temenos financial services clients as well as existing non-banking services clients that are currently contracted with Temenos. This agreement with HCL provides clients using Temenos MXDP for non-banking services with world-class technology and the highest levels of services and support.
Temenos Quantum continues to be the technology foundation for Temenos Infinity, the most advanced omnichannel digital banking product. This agreement does not include Temenos Infinity.
This agreement provides Temenos with further enhanced visibility on profitability and cash flow and underlines the resilience of Temenos’ business model. This strategic agreement has a positive impact on total software licensing and non-IFRS EBIT and is on average 1-2% accretive to non-IFRS EPS p.a. for the duration of the exclusivity.
Max Chuard, Chief Executive Officer, Temenos, said:
“We are excited to announce this exclusive agreement with HCL, which ensures clients using MXDP for non-banking services have the best possible service and support, while allowing Temenos to focus on its core business. Under the agreement, clients using Temenos MXDP for non-banking services will continue to benefit from our significant R&D investment and innovation roadmap in the Quantum platform while HCL will bring world-class, cross-industry R&D and professional services.”
Darren Oberst, CVP and Head of HCL Software, added:
“We have said from the beginning that HCL Software will grow its technology in a strategic way and will invest in innovation. We are pleased to forge this agreement with Temenos. Temenos’ multi-experience development platform is the market leader and very complimentary to our portfolio. We’re excited about what the future holds, and the value this will bring to our clients.”
HCL Software develops, markets, sells and supports over 20 product families in the areas of DevSecOps, Automation, Digital Solutions, Data Management, Marketing and Commerce and Mainframes. With offices and labs around the world, HCL Software serves thousands of customers driving ultimate customer success with IT investments through relentless innovation of its products.
As the market leader, Temenos Quantum’s multi-experience development platform helps corporations capture market share and improve client retention by delivering seamless, hyper-personalized, AI-driven experiences faster across web, native apps, wearables, conversational and immersive touchpoints.