The rationale for the deal is manifold. The combination of Temenos and Odyssey will establish a clear market leader in the fast-growing Private Wealth Management (PWM) segment and underline Temenosâ overall market leadership in core banking. The acquisition will create a group with a full and best-of-breed front-to-back office solution for the PWM market. Lastly, it will afford significant opportunities for cross-selling as the combined group now boasts a customer base of over 1,100 financial institutions.
Antoine Duchateau, Chairman of Odyssey, comments: âToday Odyssey becomes part of the Temenos Group, which will give the business the platform and resources to scale to the next level. Today is a very significant milestone for the company going forward.â
Andreas Andreades, Temenos CEO, adds: âWe welcome all of the Odyssey people who join the Temenos Group today. Putting together the two businesses generates significant advantages â for our people, our product roadmap, our ability to invest in sales and marketing â and I am convinced that the deal will create enormous value for all of our stakeholders.â