Temenos to acquire core banking assets of Informer Group.
TELECOMWORLDWIRE-21 July 2008-Temenos to acquire core banking assets of Informer Group(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Temenos Group (SWX: TEMN), a provider of integrated core banking systems, announced on Friday (18 July) that it has signed an agreement to acquire the core banking assets of Informer SA, a provider of software and services for core banking, for USD40.3m in cash and shares.
According to the company, Informer 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, the company will gain an expanded footprint in these markets, as well as entry into Romania and Egypt, where Informer already has an established presence. In addition, Temenos will gain access to over 60 system implementers, who have on average 3 years experience installing T24/Globus. The company will also gain core banking intellectual property, such as local country platforms that could be used to accelerate the development of 'Model Banks' for the relevant countries.
The total consideration of USD40.3m reportedly comprises an equity component of USD20.1m (equivalent to 664,066 shares), a deferred equity component of USD1.2m (payable on 31 March, 2009, provided certain performance criteria are met) and a cash component of USD19m. The acquisition is expected to contribute around USD8m to group revenues and USD0.02 to adjusted EPS in 2008. In 2009, it is anticipated that the acquisition will contribute USD0.08 to adjusted EPS.
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|Date:||Jul 21, 2008|
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