25 August 2016
Find out more

Viveo workers win Temenos case

16 May 2011  |  15056 views  |  0 Paris - Eiffel tower

A group of Viveo staffers have won a court victory over redundancies arising from the French vendor's acquisition by Temenos.

Having agreed to pay $81 million for Viveo at the end of 2009, Temenos went about a restructuring operation that saw 64 of the French firm's 180 staff (mainly computer engineers) in the country laid off and an end to marketing of its products.

The move provoked fury from employees who organised demonstrations and strikes as well as a legal challenge to challenge redundancies.


Viveo staff demonstrating on 31 March before the hearing

Backed by the CGT trade union, Viveo's staff argued that there was no economic rationale for lay offs and the company had a 27 year history of solid financial performance.

An expert was called in by staff representatives to audit the company's finances and found no financial justification for the Temenos actions, concluding the only reason for the acquisition was to eliminate a competitor holding back its plans in France.

Last autumn the Tribunal de Grande Instance de Paris rejected the workers' claims but they have now won their case at the court of appeal which accepted the expert testimony which was "not validly challenged elsewhere by management".

In a statement, the union says staff, encouraged by the victory are determined not to let the matter go and are ready to face any new "attack" from management.

Temenos has not responded to requests for comment.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Temenos gets new CEO; posts FY results

Temenos gets new CEO; posts FY results

17 February 2011  |  11624 views  |  0 comments
Temenos trio jump ship to form new company

Temenos trio jump ship to form new company

01 February 2011  |  14737 views  |  0 comments
Temenos agrees Odyssey acquisition

Temenos agrees Odyssey acquisition

28 September 2010  |  11805 views  |  0 comments | 1 tweets
Temenos posts full year operating profit rise

Temenos posts full year operating profit rise

18 February 2010  |  7093 views  |  0 comments
Temenos spends $81m on French core banking outfit Viveo

Temenos spends $81m on French core banking outfit Viveo

06 January 2010  |  14755 views  |  0 comments

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
hands typing furiouslyBlockchain: what to expect for 2017?
8370 views 0 | 55 tweets | 46 linkedin
hands typing furiouslyBig Data's Three Big Trends in 2016
7072 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
6599 views 10 | 22 tweets | 8 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6170 views comments | 17 tweets | 19 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job