PresseBox
Pressemitteilung BoxID: 376704 (Odyssey Financial Technologies)
  • Odyssey Financial Technologies
  • Maximiliansplatz 16
  • 80333 München
  • http://www.odyssey-group.com
  • Ansprechpartner
  • Valérie Michiels
  • +352 (42) 6080-4306

Odyssey Financial Technologies joins forces with Temenos

(PresseBox) (Luxembourg, ) Odyssey Financial Technologies (Odyssey), a global provider of front- and middle-office software for the Private Banking and Private Wealth Management industries, is pleased to announce that it will join forces with Temenos (SIX: TEMN), the market leading provider of core banking software. The agreement for Temenos to acquire Odyssey Group S.A. has been signed today. The consideration is USD81.0m (EUR62.1m), but Temenos will take on Odyssey's existing debt obligations of approximately USD20.3m, translating into a total enterprise value of USD101.3m (EUR77.7m).

Odyssey's shareholders include Odyssey's management team, notably its Chairman and co-founder Antoine Duchateau, and funds managed by Apax Partners SA.

The deal has already received sufficient irrevocable shareholder undertakings to be approved and is expected to close around the middle of October.

In addition to the Temenos T24 Private Wealth product, both the Triple'A Plus(TM) and the WealthManager(TM) products will become part of Temenos product portfolio.

The investment in these products will be protected and overall investment increased to provide the strongest full front-to-back solution coverage in the Private Banking and Wealth Management (PWM) software market - both for mass affluent and for high net worth individuals.

The combined PWM business is expected to generate pro-forma annual revenues of around USD130m - significantly more than any other vendor in the space.

Antoine Duchateau, founder and Executive Chairman of Odyssey, comments, "Odyssey has enjoyed solid growth notably thanks to its extremely strong product set. The combination with Temenos will enable Odyssey to get to the next level and capture the tremendous opportunities available in our market. The deal will create a clear market leader in PWM application software and generate significant opportunities for our customers and for our people. Odyssey products will directly benefit from the scale and geographical breadth of Temenos' R&D and Services organization. As a result we are looking forward to being able to offer our customers an accelerated and compelling product roadmap in PWM as well as a larger more global implementation capacity."

Andreas Andreades, Temenos CEO, adds, "The combination of Temenos' Private Banking business and Odyssey creates a powerhouse in PWM application software - a business with the scale to out-sell and out-innovate competition and gain significant market share. The combination brings together the best-selling core banking platform with the best-selling front office applications, offering both sets of customers as well as new prospects an integrated yet best-of-breed back-to-front offering, which we believe will be a highly compelling proposition in the market."

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. For more information please visit: www.temenos.com.

About Apax Partners

Apax Partners SA is a leading private equity firm in France.

With more than 30 years of investing experience, Apax Partners provides long-term equity financing to build and strengthen world-class companies.

Funds raised, managed or advised by Apax Partners SA exceed €2.5 billion. The Apax Funds invest in fast-growing companies across six sectors of specialisation: Technology, Telecom, Media, Retail & Consumer, Healthcare, Business & Financial Services. For additional information please visit: www.apax.fr.

Odyssey Financial Technologies

Odyssey Financial Technologies is a global financial technology company specializing in front and middleoffice software for the Private Banking, Private Wealth Management and Asset Management industries. Over 200 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 key financial centres, including New York, Singapore, Zurich, Frankfurt, Brussels, Geneva, Tokyo and Sydney. Odyssey's operational head office is located in Lausanne, Switzerland.

The development centres are located in Toronto, Lausanne, London and Glasgow. For further information, please visit:

www.odyssey-group.com.