Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announces that it has disposed of the assets of Odyssey InvestmentManager (IM), The assets of Odyssey IM have been sold to Tradar, a global technology solution provider specialised in portfolio management and accounting solutions, servicing the Investment Management community. The price has not been disclosed.
In 2010, the Odyssey IM business contributed USD2m of revenues to the Odyssey group and having made an USD0.18m profit before tax in the same year.
Commenting on the disposal, Max Chuard, Director of M&A and IR at Temenos, said: “Odyssey IM was a largely independent and sub-scale unit within the Odyssey Group. We viewed the business as non-core to the overall Temenos operations and believe that it has a better fit with its new owner. This disposal will free up management time to focus on core banking market. The effect of disposal on Temenos’ income statement in 2011 is immaterial and is EPS neutral.”
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