21 January 2017
visit http://www.wolterskluwerfs.com

Temenos CEO Dubois out as license revenues plummet

12 July 2012  |  9511 views  |  0 graph 2

Shares in Temenos plunged 20% in morning trading on news that the Swiss core banking vendor's CEO is quitting after just a year into the job for "personal reasons" while second quarter license revenue is down more than a third.

With banks still reluctant to spend in the face of global economic uncertainty, Temenos says it expects license revenues to be just $24 million, down 37% on the second quarter of 2011.

The poor numbers, which follow a similarly disappointing Q1, as well as "prevailing market conditions" have forced a tightening of revenue outlook range for the year. In 2012, the company now expects revenue growth of between minus five per cent and plus one per cent. The adjusted Ebit margin is unchanged at between 19% and 22%.

Guy Dubois, who joined the vendor from mobile communications firm Mach Group last July, is quitting for "personal reasons" effective immediately. Having taken up the role in tough market conditions, Dubois failed to halt the slide, while his big bid to boost the business through the acquisition of Misys fell apart as the British firm opted for rival suitor Vista Equity Partners.

Long-standing CFO David Arnott takes over, with Max Chuard filling his boots and ex-CEO and current chairman, Andreas Andreades becoming executive chairman.

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

Misys agrees £1.27bn Vista takeover

Misys agrees £1.27bn Vista takeover

19 March 2012  |  9534 views  |  0 comments
Temenos walks away from Misys merger

Temenos walks away from Misys merger

12 March 2012  |  9076 views  |  0 comments
Temenos races to seal deal with Misys as new license sales wane

Temenos races to seal deal with Misys as new license sales wane

22 February 2012  |  8551 views  |  0 comments
Temenos profit warning weakens Misys

Temenos profit warning weakens Misys

15 July 2011  |  11719 views  |  0 comments
Viveo workers win Temenos case

Viveo workers win Temenos case

16 May 2011  |  15134 views  |  0 comments
Temenos gets new CEO; posts FY results

Temenos gets new CEO; posts FY results

17 February 2011  |  11718 views  |  0 comments
Temenos trio jump ship to form new company

Temenos trio jump ship to form new company

01 February 2011  |  14838 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 contisgroup.comvisit wavestone.co.ukhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
16391 views comments | 93 tweets | 113 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12846 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
11059 views comments | 31 tweets | 20 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
7043 views comments | 41 tweets | 40 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6522 views comments | 21 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job