Swiss banking systems vendor Temenos has agreed to buy the 49% stake it didn't already own in its Eastern Europe distributor from Greece-based Informer for $15.5 million.
Following the acquisition the JV, called Temenos Eastern Europe (TEE), will become a wholly owned subsidiary of the Temenos group. TEE has the distribution rights of the vendor's Globus platform in the Eastern Europe region.
The vendor says the deal strengthens its position in the Eastern European market in more than a dozen countries including Hungary, Poland, Bulgaria, Romania and Egypt. Temenos says it expects around 10% of total initial license fee (ILF) signings to come from this region in 2005.
Andreas Andreades, CEO of Temenos, says: "We are pleased with the growth opportunities that this transaction offers to us."
Furthermore, a previous distribution agreement between both companies has been terminated and Informer will now act as a systems integrator for Temenos' banking products. Temenos opened its own office in Athens earlier this year.