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: âOdyssey 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 Temenosâ income statement in 2011 is immaterial and is EPS neutral.â