Head Office: 2 Rue de l’Ecole-de-Chimie, CH-1205 Geneva, Switzerland Tel: +41 22 708 1150 Email:
marketing@temenos.com Other Offices: 64 offices across 41 countries; Australia, Bangladesh, Belgium, Canada (2), China, Costa Rica, Czech Republic, Ecuador, Egypt, France (3), Germany (2), Greece, Hong Kong, India (4), Indonesia, Japan, Kazakhstan, Kenya, Lebanon, Luxembourg, Malaysia, Mexico, Morocco, Netherlands, Pakistan, Philippines, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Switzerland (2), Taiwan, Thailand, UAE, UK (4), US (6), Vietnam Website:
www.temenos.com Founded: Temenos was founded in November 1993. The operation was initially set up as Electronic Banking Systems in 1984 Ownership: A public listed company on the SWX Swiss Stock Exchange Number of Staff (2017): 4,600
the solution had been implemented with T24 at Universal Bank in Cyprus. Typically in the lower two tiers, Temenos also sold a number of partner products, across anti-money laundering, client reporting, security and statutory reporting. In 2008, Temenos unveiled a data warehouse, with the first emphasis on profitability analysis, and the company then bought a small UK-based Business Intelligence specialist, Lydian, to speed up its progress. There has been some chopping and changing. Temenos
announced in 2012 that it was stopping the development of T-Risk, to be replaced by Insight Risk, derived from Lydian and from another acquisition, Primisyn in Canada, in 2011, which served domestic credit unions. More recently, in Autumn 2012, Temenos added its recent channel partner, UK-based Edge IPK. This company brought Edgeconnect for developing multi-channel business applications. It had knocked out Temenos’ ARC at UK start-up, Metro Bank, with the tie-up with Temenos coming not long after this. Having then made the acquisition, Edgeconnect has come to form the basis of the Temenos Connect offering, a multi- channel banking solution aimed at banks of all sizes and in all geographies. While there was vague talk of having merged the best of Edgeconnect and ARC, it seemed that the former was the basis for the Temenos offering. The supplier also started to apply it as the new user interface for T24. ARC Internet Banking had sold relatively well, often bundled into wider deals, but had seemingly relatively few live sites. Tememos has also bought a number of core banking
system suppliers (Financial Objects with IBIS, France-based Viveo, Germany-based Actis) and has sought to move their users to T24, with mixed results. In September 2010, Temenos announced the purchase of wealth management systems supplier, Odyssey Financial Technologies, for $101.3 million. This was Temenos’ largest acquisition to date, beating the previous record of $81 million spent on Viveo. The Odyssey price tag included $20.3 million of debt and it appeared that the long-standing vendor had been struggling of late, reflected in a reduction in headcount from almost 600 to around 420.
Odyssey’s main front and middle office software
was Triple A (a portfolio management system with some relationship management and CRM capabilities), which had around 70 users, mainly in Europe. Much newer was Wealthmanager, a desktop application gained via the vendor’s acquisition of Canada-based Xeye and particularly strong in CRM. By mid-2011, Temenos’ plans for these offerings were becoming clearer. It seemed that both solutions would initially remain in place and separate, alongside the T24 Private Wealth product. Nonetheless, the stated aim was to eventually move towards a best-of- breed approach from the three products, although there were intermediate steps to this. An interface was to be built during 2011 between T24 and Triple A. Interfaces for Wealthmanager, to T24 or Triple A, would be built on request.
With its T24 core, Temenos was working on full componentisation of the system, including a product factory. It also promised tighter integration of the mobile offering, initially branded ARC Mobile, which came from Temenos’ acquisition of FE-Mobile in early 2010. A Java version for mainframes, T24 Enterprise (T24E),
was released in 2011. As with the componentisation of T24, Temenos was hoping to target the tier one and tier two banking space. The components would allow it to offer an alternative to the ‘rip and replace’ scenario which is generally more feasible for smaller banks. Also worth noting has been a major shift to working with partners on implementations. Temenos signed partnerships with Cognizant, Deloitte, Capgemini and CSC (the latter with a focus on German-speaking Europe). It later broadened its relationship with a smaller, specialist partner, Sofgen, and also signed IBM. In May 2017, Temenos acquired Rubik, an Australia–based
software company providing banking, wealth management and mortgage broking solutions, primarily in Australia and internationally across Asia and the Middle East. Rubik has over 150 employees and 930 direct clients. Through the acquisition, Temenos is expected to benefit from increased scale and help accelerate its growth across its key target segments including wealth, core and digital banking and fund administration.
US Financial Services Technology Market Report |
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