Swiss core banking systems vendor Temenos has announced new contract signings for Q3 2004 at $11.1 million, up 63% compared to last year.
Initial licence fee (ILF) revenues for the quarter were in line with the vendor's projected target of $11 million. For the nine months to end September 2004 ILF sales at $43 million are $7 million (+19.4%) ahead of target and up 48.3% on last year's figures.
Going in to the final quarter, Temenos must achieve Q4 2004 ILF signings of $25 million in order to achieve its full year target of $68 million.
Andreas Andreades, CEO, Temenos is confident that the firm will come in ahead of expectation for the full year. He says: "During the quarter we have witnessed an increase in new prospect in our target market and across most regions."
Once again, signings for the latest quarter continued to shift towards larger deals due to take up of Temenos T24, the latest version of the vendor's flagship product. Average deal size also rose, to $2.6 million for the quarter compared to $2.2 million for the same period last year. In the nine months to September, licences to retail banking accounted for 43% of the mix compared to nine per cent for the same period last year, with growth consistent across all geographies.