Temenos Acquires Informer Group's Core Banking Assets
Temenos Group has signed an agreement to acquire the core banking assets of Informer Group for US$40.3m in cash and shares. The transaction is expected to be accretive to adjusted EPS by US$0.02 in 2008 and by US$0.08 in 2009 (adjusted EPS adds back the amortisation of acquired intangibles). Informer SA, a listed provider of software and services for core banking, has been an authorised licensor and system integrator for Temenos in Greece, eastern Europe, the Balkans and the Middle East since 1995. Through the acquisition, Temenos will gain an expanded footprint in these markets and also immediate entry into Romania and Egypt, where Informer already has an established presence. Across its regions, Informer Group has a client base of approximately 15 institutions using T24/Globus. In addition to acquiring this customer base and the corresponding maintenance stream, Temenos will gain access to over 60 system implementers – who have on average three years experience installing T24/Globus – to support the group’s growth. Temenos has also announced that Brazil’s Votorantim Bank has gone live with T24 to support its international wealth management operations.