Core banking software provider Temenos signed an agreement to acquire Odyssey Financial Technologies, a global provider of front- and middle-office software for the private banking and private wealth management industries.
The deal, expected to close in mid-October, is for a total enterprise value of $101.3 million, which includes Temenos taking on about $20.3 million in Odyssey's existing debt obligations.
“The combination of Temenos’ Private Banking business and Odyssey creates a powerhouse in PWM application software - a business with the scale to out-sell and out-innovate competition and gain significant market share," said Andreas Andreades, Temenos CEO. "The combination brings together the best-selling core banking platform with the best-selling front office applications, offering both sets of customers as well as new prospects an integrated yet best-of-breed back-to-front offering, which we believe will be a highly compelling proposition in the market.”
Odyssey's Triple'A Plus and WealthManager products will join Temenos' T24 Private Wealth product in Temenos private banking and wealth management software portfolio. The combined business generated from the software is expected to generate annual revenues of $130 million.
“Odyssey has enjoyed solid growth notably thanks to its extremely strong product set," said Antoine Duchateau, founder and Executive Chairman of Odyssey. "The combination with Temenos will enable Odyssey to get to the next level and capture the tremendous opportunities available in our market. The deal will create a clear market leader in PWM application software and generate significant opportunities for our customers and for our people. Odyssey products will directly benefit from the scale and geographical breadth of Temenos’ R&D and Services organization. As a result we are looking forward to being able to offer our customers an accelerated and compelling product roadmap in PWM as well as a larger more global implementation capacity.”