GENEVA, Feb. 10, 2015
/PRNewswire/ -- Temenos (SIX: TEMN), the market-leading
provider of mission-critical solutions to the financial services
industry, today announces that it has acquired Akcelerant, a
leading US-based financial software provider.
Founded in 2000, Akcelerant offers multiple software solutions
to over 600 financial services institutions in North America, predominantly in the credit
union space in the US. Akcelerant's products allow financial
institutions to grow new loans and accounts, control risk, and
operate more efficiently and profitably, all while providing
superior in-branch or remote account holder consumer experiences.
Akcelerant technology improves relationships between a financial
institution and an account holder during every phase of the account
life cycle. This includes origination, account servicing, risk
management and collections, where it is the market leader for US
credit unions. Akcelerant has 130 employees and is based in
Philadelphia.
The acquisition is key to Temenos' North America growth strategy, especially
within the US. It follows the 2013 acquisition of Trinovus, a
software-as-a-service technology provider, and creation of the
Temenos USA division. The purchase
of Akcelerant will also give Temenos additional scale and presence
in the region and enable it to offer a broader portfolio of
products to new and existing customers.
The acquisition will also help Temenos to capitalize on its
recent momentum. In the last twelve months, Temenos has signed
eight customers for T24, its award-winning real-time core banking
platform, the first of whom – Independence Bancshares - is now live
with the solution; eight customers for Insight, its predictive
analytics engine; and, it now boasts over 1,300 customers for its
market-leading compliance solutions TriComply, SocialComply, and
BankerVMS.
Having seen strong historic levels of growth, Akcelerant is
expected to generate revenues of c.USD
15m 2015, 75% of which will be recurring revenues.
Akcelerant is expected to be breakeven in 2015, reaching group
margins by the end of 2017. The consideration for the acquisition
is USD 50m in cash with a further
USD 5m subject to an earn-out over
the next 3 years. The impact of the acquisition is expected to be
non-IFRS EPS neutral in 2015 and 2% accretive from 2016
onwards.
Following the acquisition, Jay
Mossman, the Founder and CEO of Akcelerant, will continue as
its CEO and join the Temenos USA
management team. The executive team at Akcelerant will remain
intact, and continue to lead the business.
David Arnott, CEO at Temenos,
said: "We are delighted to have completed the acquisition of
Akcelerant. This represents a highly strategic investment for us
that will further increase our market presence in North America and build on the momentum that
we have been generating over recent years. Putting the Akcelerant
products together with Temenos', including a new US model bank for
T24, will give us an enhanced value proposition for the US
financial services market, which we believe needs real-time,
flexible and omni-channel solutions to be able to succeed against
tougher competition and more demanding customer expectations."
Jay Mossman, CEO at
Akcelerant, said: "The combination of Temenos' North American
business with Akcelerant represents an excellent fit for our
customers and employees. While Temenos is a global market leader in
banking software, there remains great potential to improve our
market share in the Americas. Akcelerant will help to achieve this
potential, adding market-leading product capabilities spanning loan
and account origination, service, collections, recovery and
profitability."
About Temenos
Founded in 1993 and listed on the Swiss
Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading
provider of banking software systems to retail, corporate,
universal, private, Islamic, microfinance and community banks,
wealth managers, and other financial institutions. Headquartered in
Geneva with 56 offices worldwide,
Temenos software is proven in over 1,600 customer deployments in
more than 150 countries across the world. Temenos' products provide
advanced technology and rich functionality, incorporating best
practice processes that leverage Temenos' expertise around the
globe. Temenos customers are proven to be more profitable than
their peers: in the period 2008-2012, Temenos customers enjoyed on
average a 32% higher return on assets, a 42% higher return on
equity and an 8.1% lower cost/income ratio than banks running
legacy applications.
For more information please visit www.temenos.com
About Akcelerant
Akcelerant, a wholly owned
subsidiary of Temenos USA Inc.,
and located in Malvern,
Pennsylvania, provides financial institutions with
innovative technology that improves relationships during every
phase of an account's life cycle including demand generation,
origination, account servicing, risk management and analytics.
Today, more than 600 financial institutions in North America are using Akcelerant
technology.
For more information, visit www.akcelerant.com
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SOURCE Temenos