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SOFTWARE INDUSTRY NEWS |
Temenos buys French core banking rival Viveo |
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Integrated core banking systems provider Temenos has said that it has entered into a definitive agreement to acquire the Viveo Group, the core banking systems market-leader in France, for $81 million, roughly 3.8 times of 2010 expected maintenance revenues. The acquisition is financed entirely by existing debt facilities. Temenos expects it to be strongly accretive to earnings from 2010. The deal is not subject to any further approval, it said in a statement. Viveo Group was established in 1983 and serves over 750 financial institutions in over 35 countries. It has around 400 customers in France, and has an employee base of around 410. Of Viveo’s total client base, around 350 customers use its core banking software, including banks like BNP Paribas, Caisse Dépargne, Société Générale, Crédit Agricole, Banques Populaires and La Compagnie Financière Edmond de Rothschild. Most of the company's employees are based in France, Romania, Belgium and Geneva. The acquisition grows Temenos' sales channel and client base and gives it access to rich, complementary intellectual property and domain expertise. Viveo Group also has standalone solutions for payments, compliance, securities and anti-money laundering that Temenos would use to strengthen or supplement existing solutions. Viveo’s anti-money laundering and payments products are said to be sought after solutions used globally by Tier1 banks. Andreas Andreades, Temenos CEO said the fit between the two organisations “is very strong and highly synergistic.” Raimondo Ascer, Viveo Group CEO said the deal was good for Viveo's stakeholders and would give it access to greater resources to serve customers better. In its last reported year, to 31 December 2008, Viveo generated revenues of approximately $65 million, with margins in the higher single digits. |
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