Temenos (SIX: TEMN), the market leading provider of core banking software, today announces that its acquisition of Odyssey Group has formally closed.
The acquisition was first announced on 28 September and for more details about the transaction, please refer to the Temenos press release of that date.
The rationale for the deal is manifold. The combination of Temenos and Odyssey will establish a clear market leader in the fast-growing Private Wealth Management (PWM) segment and underline Temenos' overall market leadership in core banking. The acquisition will create a group with a full and best-of-breed front-to-back office solution for the PWM market. Lastly, it will afford significant opportunities for cross-selling as the combined group now boasts a customer base of over 1,100 financial institutions.
Antoine Duchateau, Chairman of Odyssey, comments: "Today Odyssey becomes part of the Temenos Group, which will give the business the platform and resources to scale to the next level. Today is a very significant milestone for the company going forward."
Andreas Andreades, Temenos CEO, adds: "We welcome all of the Odyssey people who join the Temenos Group today. Putting together the two businesses generates significant advantages - for our people, our product roadmap, our ability to invest in sales and marketing - and I am convinced that the deal will create enormous value for all of our stakeholders."