Temenos reports record first quarter contract signings
05 April 2004 | 3975 views | 0
Swiss core banking systems vendor Temenos says it has signed first quarter contracts to a value of $15.7 million, an increase of 91.5% compared to the same period last year.
Temenos says the performance is its best ever for the first quarter - traditionally a fallow period - and that 69% of initial licences purchased in Q1 were for retail banking projects, compared with 42% in Q4 2003.
First quarter targets were reached or exceeded in Asia Pacific, the Americas and
Europe but were slightly below target in the Middle East and Russia. Initial licence signings comprised 94% new licences and 6% upgrade sales to existing customers.
During the quarter, Temenos teamed with IBM and Thai Equipment Research to secure a contract worth £16.7m with the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand for the supply and implementation of its Corebanking platform.
BAAC will use the Temenos system to support retail banking operations across its 600 branches, which handle over 10 million accounts. IBM will install the platform and provide the bank with consulting services, while Thai Equipment Research - Temenos' local partner - will provide ongoing support services.
The vendor also secured deals with Anglo Irish Bank Corporation to replace a core system for corporate lending, corporate deposits and retail deposits in the UK and Ireland, as well as with US-based Overseas Private Investment, Banque de France and an undisclosed tier one bank.
Andreas Andreades, CEO, Temenos, says the firm's strategy to pursue growth and the more profitable retail banking sector is starting to deliver results.
He says the firm is well-positioned to reach its ILF signings target of $68 million for the full year.