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Manjinder Jaul
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Temenos expands German footprint with acquisition of ACTIS.BSP

Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that it has signed a definitive agreement to acquire 100% of the shares in ACTIS.BSP Germany GmbH for USD 19 million in cash. ACTIS.BSP, a fully owned subsidiary of Flexible Management Systems limited (FMS), is a leading Germany-based provider of core banking and securities solutions. The transaction is expected to generate an IRR in excess of 20%, to be EPS neutral for 2007, and deliver EPS of USD 5 cents in 2008, pre amortisation of intangible assets, and USD 2 cents post amortisation of intangible assets. This transaction will contribute approximately USD 20 million of revenues to Temenos over the next 12 months. Approximately 50% of ACTIS.BSP revenues are recurring maintenance and outsourcing revenues, providing revenue visibility and an excellent base to build a highly profitable operation once this is scaled further.

The acquisition will provide Temenos with an effective route to market in Germany and an additional client base of over 30 financial institutions, along with the expertise of ACTIS.BSP’s 144 staff. The acquisition is in line with Temenos’ growth strategy for this market and follows its recent appointment of Armin Holst as regional director for Central and Eastern Europe.

Under the terms of the agreement, Temenos will operate ACTIS.BSP through its existing offices in Frankfurt and Grosswallstadt. The company will continue to support ACTIS.BSP’s products, securing the clients’ technology future by providing them access to Temenos products and ensuring they benefit from Temenos’ expertise and market position.

Mike Shone, chairman FMS, says: “Temenos is a leading worldwide provider for banking systems, enabling our customers to secure their investment. The strength of Temenos and its advanced technology, combined with ACTIS.BSP’s in-depth knowledge of the German banking market will be a solid basis for a successful future of ACTIS.BSP, its customers and employees.”

Temenos T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.

Andreas Andreades, CEO, Temenos, says: “Germany represents a sizeable and important market for Temenos and the acquisition gives us the ability to achieve a faster entry and accelerate our sales in this region as well as provide our existing global clients with additional regional expertise. We are confident that clients and staff alike from both companies will benefit both today and in the future.”

Temenos has an international client-base of some over 580 financial institutions and continues to attract global tier 1 and regional banks as a result of its superior products, Temenos T24™ and Temenos™ CoreBanking.