17 March 2018

New contracts lift Temenos above Q1 targets

14 April 2003  |  2934 views  |  0 graph

Back office systems vendor Temenos has reconfirmed guidance for full year 2003 revenues of approximately $130 million after recording better-than-expected new licence sales in the first quarter.

The Swiss-based banking systems supplier, which reported an operating loss of $44.4 million for the year ending December 2002, is reporting new licensing deals with Fortis Global Custody Management, Industrial and Commercial Bank of China and the Central Bank of Nigeria.

The vendor says the value of new contracts signed in Q1 2003 amounted to $8.2 million, give percent higher than its target of $7.8 million. The signings comprised 75% new licences and 25% upgrade sales to existing customers.

In addition, Commerzbank Zurich, Schroder Zurich, MeesPierson Guernsey and RZB Poland went live with Temenos' systems during the quarter.

The firm says it has exceeded Q1 targets in Northern Europe and in the Middle East, but fell slightly below target in Asia Pacific, Southern Europe and CIS regions.

George Koukis, chairman and CEO, says the firm is very satisfied with its performance during Q1 2003.

"This is of particular importance as we seek to rebuild investor confidence and reaffirm the strength of our business model," adds Koukis.

Anticipated revenues originating from business closed to date represent 83% of 2003 target revenues. Remaining revenues are expected to be generated from signings in Q2. Temenos says potential signings in the second half of the year could represent an upside to full year 2003 targeted revenues.

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 reports operating loss of $44.4 million

Temenos reports operating loss of $44.4 million

11 March 2003  |  3715 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit www.nextgenbanking.co.ukVisit www.vasco.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Augmentum Fintech raises £94m in IPOAugmentum Fintech raises £94m in IPO
11744 views comments | 25 tweets | 5 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
6731 views comments | 8 tweets | 7 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
6440 views comments | 18 tweets | 17 linkedin
Capital One virtual assistant can now issue virtual card numbersCapital One virtual assistant can now issu...
6197 views comments | 12 tweets | 11 linkedin
Starling and TrueLayer integrate for open bankingStarling and TrueLayer integrate for open...
6137 views comments | 13 tweets | 9 linkedin

Featured job

Find your next job