Temenos expands U.S. footprint with TriNovus buy
ZURICH, March 22
ZURICH, March 22 (Reuters) - Swiss financial services software provider Temenos said on Friday it had bought U.S-based compliance technology company TriNovus, adding 800 institutional clients to its U.S. customer base and expanding its local expertise and product range.
Temenos said the acquisition would provide $17 million of contracted revenue backlog, and expects it to contribute 5-10 percent of group revenues within the next three years.
Temenos said the acquisition would be funded through a combination of cash reserves and treasury shares. Financial terms of the acquisition were not disclosed.
In a statement on its website, TriNovus said it achieved "record growth" last year but did not provide revenue or profit figures.
The deal is the first by Temenos since ditching a bid for UK rival Misys last year, later snapped up by private equity firm Vista.