In addition to the Temenos T24 Private Wealth product, both the TripleâA Plusâ¢ and the WealthManagerâ¢ products will become part of Temenos product portfolio. The investment in these products will be protected and overall investment increased to provide the strongest full front-to-back solution coverage in the Private Banking and Wealth Management (PWM) software market - both for mass affluent and for high net worth individuals. The combined PWM business is expected to generate pro-forma annual revenues of around USD130m â significantly more than any other vendor in the space.
Antoine Duchateau, founder and Executive Chairman of Odyssey, comments, âOdyssey has enjoyed solid growth notably thanks to its extremely strong product set. The combination with Temenos will enable Odyssey to get to the next level and capture the tremendous opportunities available in our market. The deal will create a clear market leader in PWM application software and generate significant opportunities for our customers and for our people. Odyssey products will directly benefit from the scale and geographical breadth of Temenosâ R&D and Services organization. As a result we are looking forward to being able to offer our customers an accelerated and compelling product roadmap in PWM as well as a larger more global implementation capacity.â
Andreas Andreades, Temenos CEO, adds, âThe combination of Temenosâ Private Banking business and Odyssey creates a powerhouse in PWM application software â a business with the scale to out-sell and out-innovate competition and gain significant market share. The combination brings together the best-selling core banking platform with the best-selling front office applications, offering both sets of customers as well as new prospects an integrated yet best-of-breed back-to-front offering, which we believe will be a highly compelling proposition in the market.â