Temenos Group: Acquisition of TriNovus

BUY, Fair Value CHF24 (+12%)

News published on March Friday 22, 2013
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This morning Temenos announced the acquisition of TriNovus, a US-based SaaS vendor specialised in compliance and core processing services, for an undisclosed sum, in cash and treasury shares. This deal will significantly increase Temenos’ customer base in the US (over 800 financial institutions) and provide it with products to accelerate growth and launch a SaaS offering for the US market based on its T24 platform. For FY13, TriNovus will increase Temenos’ sales guidance by 2% and is neutral on the non-IFRS op. profit, but is expected to contribute 5-10% of revenues and reach group margins within the next three years.

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