Temenos AG explained

Temenos AG
Type:Public (Aktiengesellschaft)
Traded As:
SMI MID component
Foundation:Geneva, Switzerland (1993, as Temenos Systems)
Hq Location City:Geneva
Hq Location Country:Switzerland
Key People:
  • Thibault de Tersant, chairman
  • Jean-Pierre Brulard, CEO
  • Takis Spiliopoulos, CFO
  • Prema Varadhan, President Product and COO
Industry:
Products:
Num Employees:7,500 (2020)[1]
Revenue: $981 million (2019)[2]

Temenos AG (SIX: TEMN) is a company specialising in enterprise software for banks and financial services, with its headquarters in Geneva, Switzerland. Temenos was initially created in 1993, and has been listed on the Swiss stock exchange since 2001.

Company profile

Founded in 1993 and listed on the Swiss stock exchange (SIX: TEMN), Temenos AG is a provider of banking software systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks. Headquartered in Geneva, Switzerland, and with 67 offices in 40 countries, Temenos serves over 3,000 financial institutions in 145 countries across the world.[3] [1] It claims to be used by 41 of the top 50 banks worldwide.[1] [3]

History

The company was established in November 1993 by George Koukis and Kim Goodall, having acquired the rights to GLOBUS, the successful banking software platform developed by a team of technical and banking experts in 1988. The company was renamed to Temenos, in reference to a lecture on money given by Hans-Wolfgang Frick at the Temenos Academy[4] (1992), and continued to develop and market GLOBUS.

In 2001, Temenos went public,[5] and is listed on the main segment of the SWX Swiss Exchange (TEMN). Also in 2001, Temenos acquired a mainframe core banking application aimed at high-end retail banks, originally developed by IBM, and now marketed as Temenos Corebanking.

On 30 September 2003, Temenos launched its T24 banking package. T24 was based on GLOBUS,[6] but with a state-of-the-art banking technology platform. This was the result of 3 years of development effort and an investment of more than US$24 million.

In 2011, George Koukis stepped down as chairman and became a non-executive director,[7] and Andreas Andreades became chairman.

In 2021, Temenos launched a new collaborative fintech marketplace, Temenos Exchange.[8]

In February 2024, American short-selling firm Hindenburg Research released a report alleging "major accounting irregularities" at Temenos.[9] Temenos denied the allegations, and announced an independent review.[10] [11] The independent review was published in April 2024, finding that the allegations made by Hindenburg Research were "inaccurate and misleading."[12]

Acquisitions

Companies acquired by Temenos, listed by year
YearCompanyCountry
2007Actis.bsp[13] Germany
2008Financial Objects LtdUnited Kingdom
2008Lydian Associates Ltd[14] United Kingdom
2009ViveoFrance
2010FE Mobile[15] United Kingdom
2010Odyssey Financial Technologies[16] [17] Luxembourg
2011Primisyn[18] Canada
2012Edge IPK[19] United Kingdom
2013Trinovus[20] United States
2015Akcelerant[21] United States
2015Multifonds[22] Luxembourg
2017Rubik Financial Limited ('Rubik')[23] Australia
2018Avoka[24] United States
2019Htrunk Software Solutions[25] [26] India
2019Logical GlueUnited Kingdom
2019Kony, IncUnited States / India

References

  1. Web site: Capital Markets Day 2020 Presentation. Temenos .
  2. Web site: Capital Markets Day 2020 Presentation . Temenos . 139.
  3. News: REAL-WORLD FINTECH: Interim Report 2017. temenos.com.
  4. Web site: Temenos Academy Publications catalogue. www.temenosacademy.org.
  5. Web site: Investor FAQs. Temenos. en. 2017-10-13.
  6. Web site: Temenos Globus / T24 Banking Package « WIKIBANKING dot INFO. www.wikibanking.info. 15 August 2012 . 2017-10-13.
  7. Web site: Temenos Group announces CEO and Chairman succession plans. . 16 February 2011. temenos.com. Temenos Headquarters SA. https://web.archive.org/web/20120504065751/http://temenos.com/Press-Releases/2011/Temenos-Group-announces-CEO-and-Chairman-succession-plans/. 4 May 2012. dead. 3 October 2017.
  8. Web site: 2021-11-24 . Temenos Presents the Temenos Exchange – its Enhanced Open Marketplace for Fintech Solutions . 2024-05-21 . Temenos . en-US.
  9. Louis Goss (15 Feb 2024). Temenos stock price dives as short-seller Hindenburg takes aim. Marketwatch via MSN.com, accessed 15 Feb 2024
  10. Web site: Kiderlin . Sophie . 2024-02-16 . Hindenburg's latest short target Temenos rejects allegations as share price tumbles . 2024-02-27 . CNBC . en.
  11. Web site: Catelli . Allegra . Doenecke . Paula . 19 February 2024 . Temenos Announces Independent Review of Hindenburg Claims . 26 February 2024 . Bloomberg . en.
  12. News: 2024-04-15 . Temenos Says Probe Finds Hindenburg Allegations Were Incorrect . 2024-04-23 . Bloomberg.com . en.
  13. Web site: Temenos buys German banking software outfit ACTIS.BSP. 2007-03-12. Finextra Research. 2017-10-13.
  14. Web site: Temenos Acquires Lydian Associates To Enhance Business Intelligence Modules Global Custodian. www.globalcustodian.com. 2017-10-13.
  15. Web site: FE-Mobile acquired by Temenos Group AG Gibraltar. www.bcms.com. en-IE. 2017-10-13.
  16. News: Temenos agrees Odyssey acquisition. Finextra. 2010-09-28. Finextra Research. 2017-10-13. en.
  17. Web site: Odyssey Financial Technologies joins forces with Temenos. 27 September 2010. odyssey-group.com. Odyssey Group S.A.. https://web.archive.org/web/20140530002601/http://www.odyssey-group.com/press-News_2010_0927_PR_Temenos.html. 30 May 2014. dead.
  18. Web site: Temenos buys Canadian BI software vendor Primisyn. 2011-07-27. Finextra Research. 2017-10-13.
  19. News: Temenos Acquisition Adds New Front-End Software to Its Core Offerings Bank Systems & Technology. Bank Systems & Technology. 2017-10-13. en.
  20. News: Temenos expands U.S. footprint with TriNovus buy. 2013-03-22. Reuters. 2017-10-13.
  21. Web site: Temenos purchases Akcelerant to accelerate growth in North America. Temenos. 10 February 2015 . en. 2017-10-13.
  22. News: BRIEF-Temenos Group acquires Multifonds for 235 mln euros. 2015-03-04. Reuters. 2017-10-13.
  23. Web site: Temenos announces closing of Rubik acquisition and revises its 2017 outlook. Temenos. 22 May 2017 . en. 2017-10-13.
  24. Web site: Temenos acquires US-headquartered SaaS vendor Avoka to strengthen its leading Digital Front Office banking product. Temenos. en. 2018-12-12.
  25. Web site: Temenos acquires hTrunk to accelerate its analytics and big data solutions. Temenos. 20 February 2019 . en. 2019-02-22.
  26. Web site: Temenos acquires Bangalore based big data firm hTRUNK. 2019-02-21. IBS Intelligence. en-US. 2019-02-22.

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