Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that IBS Publishing has ranked Temenos T24 (T24) in the top position in its 2007 Sales League Table with 44 wins compared to 41 in 2006. Temenos has been in one of the top two positions in the IBS league table for the last 9 out of 10 years.
Andreas Andreades, CEO, Temenos, says: “This has been another record year for Temenos. We are continuing to extend our lead and our closest competitor has sold less than half the systems we have in 2007. Our products are technologically modern, provide a distinct business advantage through rich functionality, and are extremely flexible and robust. We consistently invest up to 20% of our annual revenues in R&D and provide a fully upgradeable release which ensures that banks can continue to use our products for years to come without losing their advantage and remaining on modern technology.
“At the heart of our success is our product packaging, which is unique in our industry. Unlike most of our competitors we provide a single release of our product to all our clients around the world. Our Model Bank product, a preconfigured version of our software incorporating best practice, minimizes implementation timeframes and lowers risk. Temenos Application Management (TAM) and Management Consulting has enabled us to scale our operation successfully while delivering excellent client results. Most of our clients achieve implementation time frames of less than 12 months.”
Temenos’ success in leading the industry in terms of new clients is also matched by its financial success, as shown yesterday with the reporting of the company’s 2007 financial results. Temenos experienced a 53% growth in revenue year-on-year, with revenues of US$329.9 million, operating profit of US$62.5 million, up 88% on 2006, and cash flow from operation of US$64.8 million up 136% on 2006.
Andreades continues: “With 2007 license revenues of US$148.8 million, up 52% on the previous year, we are in a unique position to continue to invest in our products and continue to win market share.”
The IBS Sales League Table is published by IBS Publishing and is based on sales of back-office banking systems to new clients. IBS Publishing is dedicated to the wholesale, retail and private back office systems market sector.
Martin Whybrow, editor of International Banking Systems Journal, comments: “Temenos has clearly had another good year. The company has an established, strong product combined with a large and professional sales organisation. There are some strong competitors in the market this year but Temenos is holding its own very well.”