The proposed all share merger between Temenos and Misys
, worth the equivalent of $2 billion, is continuing to progress with both firms saying they have reached an agreement in principle
, to proceed, with Guy Dubois of Temenos, who are effectively leading a takeover, slated to lead the new entity as its chief executive.
The deal is of course still to go through due diligence and Temenos must make a firm offer by 6 March, leaving open the possibility of a rival cash-rich offer coming in from a rival bidder (as has been discussed on the bobsguide linkedin group
In reference to his enlarged responsibilities and in accordance with stock market rules, Guy Dubois, has released the following statement:
Message From Temenos CEO, Guy Dubois
I am writing to update you following the announcement confirming that Temenos and Misys have reached agreement in principle on certain key terms and are in continuing discussions regarding a possible merger.
The combination of Temenos and Misys would create one of the leading companies in the financial services software industry as Temenos' presence in banking, wealth management and business intelligence would be complemented by Misys' presence in core and transaction banking, treasury capital markets and lending.
I want to confirm that we will continue to support our customers and their solutions. Both companies are committed to supporting, developing and maintaining their current flagship products. Our guiding principle is that any strategy we undertake must deliver success for our customers and we believe this combination would significantly increase the breadth of our offering.
We have reached agreement in principle that the new company would be led by myself, and I will be honoured to lead an organisation bringing together our best-of-breed applications into a leading portfolio of solutions. As well as extending our offering, we will continue to provide you with world-class service and support.
I want to thank you for your continued business and loyalty to Temenos, I look forward to working with you to support your continued success.
Chief Executive Officer
======================================================By Neil Ainger - Editor-in-Chief, bobsguide and gtnews