Temenos, the provider of banking software to the financial services industry, acquired TriNovus, a software-as-a-service (SaaS) technology provider that develops and delivers compliance and core processing services to over 800 US financial institutions.

“The acquisition will significantly increase Temenos’ customer base in the US as well as provide it with the complementary products and local expertise to accelerate growth and launch a SaaS offering for the US market based on its market-leading, real-time T24 core banking platform, its Insight solution for business analytics and its Profile and Screen Anti-Money Laundering (AML) applications”, Temenos explains.

David Arnott, Temenos CEO, said: “The financial services market is undergoing a generational shift. Changing customer behavior coupled with technological advances, in particular in the area of mobility and multi-access devices, have revolutionized the way we bank and have rendered obsolete batch driven IT platforms built for a world of nine to five branch banking. Temenos has a long and proud history of helping to rid the industry of legacy systems, giving financial institutions the tools to dramatically improve customer service, risk management, innovation and efficiency. We have been working with customers in the US since 1997 and have developed the right set of products, now enhanced and available on a SaaS basis with a much enlarged supporting team, to allow US financial institutions to leapfrog their peers and capitalize on the transformation taking place in the their market. I am delighted to welcome David Brasfield and his team to Temenos and look forward to working together.”

The acquisition of TriNovus will provide Temenos with a Software-as-a-Service core processing expertise on a SaaS basis for US financial institutions and USD 17m of contracted revenue backlog.

US banks are confronted with increasingly complex regulations, customer demand for new relationship-based products, and the growth of lower cost direct banks and non-bank competitors. Financial institutions can prosper in this new environment, but only by moving to a new operating model that supports the introduction of new value-added products, improves customer service, and significantly reduces operating expenses. This model cannot be realized without modernizing the banks infrastructure, including the streamlining of operations and replacement of legacy software with modern, real-time core systems.”
CEB TowerGroup senior research director Robert Hunt

David Brasfield, TriNovus President & CEO, commented: “We are delighted to be joining forces with Temenos. The combination has huge advantages for our customers, who will have access to a broad portfolio of modern, cutting edge and market-leading solutions and who will benefit from Temenos’ commitment to industry-leading levels of R&D. What is more, the combination brings to the US market for the first time a credible and technologically advanced alternative to the large incumbents vendors. I am greatly looking forward to working with Temenos to shake up the US market and to realizing the significant market opportunity that exists.”