18 October 2010 – Temenos (SIX: TEMN), the market leading provider of core banking software, today announces that its acquisition of Odyssey Group has formally closed. The acquisition was first announced on 28 September and for more details about the transaction, please refer to the Temenos press release of that date.
The rationale for the deal is manifold. The combination of Temenos and Odyssey will establish a clear market leader in the fast-growing Private Wealth Management (PWM) segment and underline Temenos’ overall market leadership in core banking. The acquisition will create a group with a full and best-of-breed front-to-back office solution for the PWM market. Lastly, it will afford significant opportunities for cross-selling as the combined group now boasts a customer base of over 1,100 financial institutions.

Antoine Duchateau, Chairman of Odyssey, comments: “Today Odyssey becomes part of the Temenos Group, which will give the business the platform and resources to scale to the next level. Today is a very significant milestone for the company going forward.”

Andreas Andreades, Temenos CEO, adds: “We welcome all of the Odyssey people who join the Temenos Group today. Putting together the two businesses generates significant advantages – for our people, our product roadmap, our ability to invest in sales and marketing – and I am convinced that the deal will create enormous value for all of our stakeholders.”

About Temenos

Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 56 offices worldwide, Temenos serves over 1000 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009; winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies. Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.

About T24 Private Wealth Management

T24 is a leading integrated front to back solution for private banks, supporting Discretionary, Advisory and Execution only business on a full multi country, multi language, multi-channel basis. T24 provides an unparalleled breadth of instrument coverage, ranging from cash and equity type instruments to foreign exchange, loans, exotic options and structured products T24 Private Wealth comprises integrated Relationship Manager support with comprehensive CRM facilities, a comprehensive asset management suite, offering performance measurement and portfolio rebalancing coupled with a fast, efficient Back Office feature-set, enabling high STP and low error rates A full Internet banking channel and advanced customer reporting allows the private bank to provide the full service that todays customers require.

About Odyssey Financial Technologies

Odyssey Financial Technologies is a global financial technology company specializing in front and middle-office software for the Private Banking and Wealth Management industry. Over 110 financial institutions in more than 30 countries have chosen Odyssey software products to increase their client service capabilities, reduce costs, and generate additional revenue. Founded in Luxembourg in 1995, Odyssey has offices in the key financial centres, including New York, Singapore, Zurich, Frankfurt, Brussels, Geneva, Sydney and Tokyo. Odyssey’s operational head office is located in Lausanne, Switzerland. The development centres are located in Toronto, Lausanne, London and Glasgow. Throughout this network Odyssey employs over 400 staff and contractors.

About Triple’A PlusTM

Triple’A Plus™ is the leading Private Banking Portfolio Management System. It incorporates the best practices adopted by the leading international financial institutions that specialize in wealth management solutions for high net worth and ultra high net worth individual clients. Triple’A Plus™ unique configurability, comprehensive instrument coverage and flexible portfolio modelling capabilities efficiently support discretionary portfolio management, investment advisory and execution-only service models. Triple’A Plus™ empowers portfolio managers and relationship managers to increase assets under management, improve customer service and generate higher investment performance.

About WealthManagerTM

WealthManager™ is a comprehensive modular highly scalable Wealth Management Desktop designed to simplify and improve the daily work of professionals who manage & advise individuals’ wealth. The platform is a suite of components that can be combined flexibly to create leading business solutions for Client Management, Advice, Sales, Portfolio Management, Compliance and Client Reporting. WealthManager™ enhances all facets of the wealth management process, is highly scalable, multi-lingual, and multi-currency, and provides the technology that allows firms to increase their client service capabilities, reduce costs, and generate additional revenue.