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Temenos AG

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Temenos AG (SIX: TEMN) is a company specialising in enterprise software for banks and financial services, with its headquarters in Geneva, Switzerland. Temenos was initially created in 1993, and has been listed on the Swiss stock exchange since 2001.

Temenos AG
Company typePublic (Aktiengesellschaft)
SIX: TEMN
SMI MID component
Industry
FoundedGeneva, Switzerland (1993, as Temenos Systems)
Headquarters
Geneva
,
Switzerland
Key people
  • Thibault de Tersant, chairman
  • Jean-Pierre Brulard, CEO
  • Takis Spiliopoulos, CFO
  • Barb Morgan, Chief Product and Technology Officer
Products
RevenueIncrease $981 million (2019)[1]
Number of employees
7,500 (2020)[2]
Websitewww.temenos.com

Company profile

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Founded in 1993 and listed on the Swiss stock exchange (SIX: TEMN), Temenos AG is a provider of banking software systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks. Headquartered in Geneva, Switzerland, and with 67 offices in 40 countries, Temenos serves over 3,000 financial institutions in 145 countries across the world.[3][2] It claims to be used by 41 of the top 50 banks worldwide.[2][3]

History

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The company was established in November 1993 by George Koukis and Kim Goodall, having acquired the rights to GLOBUS, the successful banking software platform developed by a team of technical and banking experts in 1988. The company was renamed to Temenos, in reference to a lecture on money given by Hans-Wolfgang Frick at the Temenos Academy[4] (1992), and continued to develop and market GLOBUS.

In 2001, Temenos went public,[5] and is listed on the main segment of the SWX Swiss Exchange (TEMN). Also in 2001, Temenos acquired a mainframe core banking application aimed at high-end retail banks, originally developed by IBM, and now marketed as Temenos Corebanking.[citation needed]

On 30 September 2003, Temenos launched its T24 banking package. T24 was based on GLOBUS,[6] but with a state-of-the-art banking technology platform. This was the result of 3 years of development effort and an investment of more than US$24 million.[citation needed]

In 2011, George Koukis stepped down as chairman and became a non-executive director,[7] and Andreas Andreades became chairman.

In 2021, Temenos launched a new collaborative fintech marketplace, Temenos Exchange.[8]

In February 2024, American short-selling firm Hindenburg Research released a report alleging "major accounting irregularities" at Temenos.[9] Temenos denied the allegations, and announced an independent review.[10][11] The independent review was published in April 2024, claiming that the allegations made by Hindenburg Research were "inaccurate and misleading."[12] In response, Hindenburg asserted that the independent review was a "tacit confirmation of accounting manipulation and disclosure violations," and questioned the "independence" of the review.[13]

Acquisitions

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Companies acquired by Temenos, listed by year
Year Company Country
2007 Actis.bsp[14] Germany
2008 Financial Objects Ltd[15] United Kingdom
2008 Lydian Associates Ltd[16] United Kingdom
2009 Viveo[17] France
2010 FE Mobile[18] United Kingdom
2010 Odyssey Financial Technologies[19][20] Luxembourg
2011 Primisyn[21] Canada
2012 Edge IPK[22] United Kingdom
2013 Trinovus[23] United States
2015 Akcelerant[24] United States
2015 Multifonds[25] Luxembourg
2017 Rubik Financial Limited ('Rubik')[26] Australia
2018 Avoka[27] United States
2019 Htrunk Software Solutions[28][29] India
2019 Logical Glue United Kingdom
2019 Kony, Inc United States / India

References

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  1. ^ "Capital Markets Day 2020 Presentation" (PDF). Temenos. p. 139.
  2. ^ a b c "Capital Markets Day 2020 Presentation" (PDF). Temenos.
  3. ^ a b "REAL-WORLD FINTECH: Interim Report 2017" (PDF). temenos.com.
  4. ^ "Temenos Academy Publications catalogue". www.temenosacademy.org.
  5. ^ "Investor FAQs". Temenos. Retrieved 13 October 2017.
  6. ^ "Temenos Globus / T24 Banking Package « WIKIBANKING dot INFO". www.wikibanking.info. 15 August 2012. Retrieved 13 October 2017.
  7. ^ "Temenos Group announces CEO and Chairman succession plans". temenos.com. Temenos Headquarters SA. 16 February 2011. Archived from the original on 4 May 2012. Retrieved 3 October 2017.
  8. ^ "Temenos Presents the Temenos Exchange – its Enhanced Open Marketplace for Fintech Solutions". Temenos. 24 November 2021. Retrieved 21 May 2024.
  9. ^ Louis Goss (15 Feb 2024). Temenos stock price dives as short-seller Hindenburg takes aim. Marketwatch via MSN.com, accessed 15 Feb 2024
  10. ^ Kiderlin, Sophie (16 February 2024). "Hindenburg's latest short target Temenos rejects allegations as share price tumbles". CNBC. Retrieved 27 February 2024.
  11. ^ Catelli, Allegra; Doenecke, Paula (19 February 2024). "Temenos Announces Independent Review of Hindenburg Claims". Bloomberg. Retrieved 26 February 2024.
  12. ^ "Temenos Says Probe Finds Hindenburg Allegations Were Incorrect". Bloomberg.com. 15 April 2024. Retrieved 23 April 2024.
  13. ^ "Temenos' "Independent Examination" Strikes Us As A Tacit Confirmation Of Accounting Manipulation And Disclosure Violations, Spun With Lawyer-Speak And Gaslighting – Hindenburg Research". Hindenburg Research. 18 April 2024. Retrieved 28 August 2024.
  14. ^ "Temenos buys German banking software outfit ACTIS.BSP". Finextra Research. 12 March 2007. Retrieved 13 October 2017.
  15. ^ "Temenos to acquire Financial Objects", Finextra, 3 July 2008, retrieved 9 June 2010
  16. ^ "Temenos Acquires Lydian Associates To Enhance Business Intelligence Modules | Global Custodian". www.globalcustodian.com. Retrieved 13 October 2017.
  17. ^ "Temenos buys rival core vendor, Viveo", IBS Journal, 6 January 2010, retrieved 9 June 2010
  18. ^ "FE-Mobile acquired by Temenos Group AG | Gibraltar". www.bcms.com. Retrieved 13 October 2017.
  19. ^ Finextra (28 September 2010). "Temenos agrees Odyssey acquisition". Finextra Research. Retrieved 13 October 2017.
  20. ^ "Odyssey Financial Technologies joins forces with Temenos". odyssey-group.com. Odyssey Group S.A. 27 September 2010. Archived from the original on 30 May 2014.
  21. ^ "Temenos buys Canadian BI software vendor Primisyn". Finextra Research. 27 July 2011. Retrieved 13 October 2017.
  22. ^ "Temenos Acquisition Adds New Front-End Software to Its Core Offerings | Bank Systems & Technology". Bank Systems & Technology. Retrieved 13 October 2017.
  23. ^ "Temenos expands U.S. footprint with TriNovus buy". Reuters. 22 March 2013. Retrieved 13 October 2017.
  24. ^ "Temenos purchases Akcelerant to accelerate growth in North America". Temenos. 10 February 2015. Retrieved 13 October 2017.
  25. ^ "BRIEF-Temenos Group acquires Multifonds for 235 mln euros". Reuters. 4 March 2015. Retrieved 13 October 2017.
  26. ^ "Temenos announces closing of Rubik acquisition and revises its 2017 outlook". Temenos. 22 May 2017. Retrieved 13 October 2017.
  27. ^ "Temenos acquires US-headquartered SaaS vendor Avoka to strengthen its leading Digital Front Office banking product". Temenos. Retrieved 12 December 2018.
  28. ^ "Temenos acquires hTrunk to accelerate its analytics and big data solutions". Temenos. 20 February 2019. Retrieved 22 February 2019.
  29. ^ "Temenos acquires Bangalore based big data firm hTRUNK". IBS Intelligence. 21 February 2019. Retrieved 22 February 2019.
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