ZURICH, March 22 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
The deal is the first by Temenos since ditching a bid for UK
rival Misys last year, later snapped up by private equity firm