Temenos (SIX:TEMN), the market-leading provider of banking software today announced that it is acquiring Primisyn, a Canadian provider of business intelligence (BI) software for the financial services sector. The acquisition price was not disclosed.
Primisyn is the leading provider of BI and profitability solutions and services to the Canadian credit union (CU) market. Its Simplus Enterprise Suite (Simplus) is a comprehensive, modular BI solution designed and certified on the Microsoft platform. Simplus provides CUs with business critical information to facilitate informed decision making and streamline business processes in every department across the organisation including finance, marketing, operations, human resources, and risk management.
Temenos will integrate Simplus into its existing BI solution, Insight, extending the product offering into customer analytics and enhancing the operational intelligence functionality. The acquisition of Primisyn will strengthen Temenos' BI development team and reinforce its presence in the growing Canadian market. The acquisition underscores Temenos' efforts to not only become the leading risk management provider for the global T24 community, but also the ambition to become a leading provider of BI solutions for the broader financial services
The total acquisition price, which was not disclosed, consists of an up-front consideration and further payments contingent on Primisyn achieving performance criteria.
Todd Winship, co-founder of Primisyn said "This is a very exciting event for Primisyn. Our product has enjoyed a broad acceptance and strong growth in the Canadian market, with seven of British Columbia's top 20 credit unions as our customers. By uniting with Temenos we will contribute to a larger, very dynamic BI solution, to the benefit of our mutual and future customers."
Graham Goble, Product Director of Insight, Temenos commented, "Insight is one of the fastest growing applications in the Temenos solution set and a focus of strategic investment. Gartner predicts that BI, analytics and performance management could grow at a CAGR of 8.6% through 2015. Furthermore, 50% of banks that were surveyed at the Temenos Community Forum this year confirmed that BI is a top three IT investment priority for
2011. We intend to fully participate in this growth market and the acquisition of Primisyn will further align our product offering with current market requirements while enhancing our strategic relationship with Microsoft."
Guy Dubois, Temenos CEO added, "Business intelligence is a large and fast-growing market within the financial services software sector. Since moving into the BI market in 2008, Temenos has made substantial investment in sales and research and development, and seen rapid sales growth. With this acquisition, we broaden our product offering to include customer analytics and operational intelligence, which will enable us to address a larger market and so, we believe, sustain our double-digit compound growth rates in BI. We welcome the Primisyn team and its customers to Temenos and we look forward to achieving exciting results."