Temenos has acquired Software-as-a-Service (SaaS) technology provider TriNovus. The deal for the US company is being funded through a combination of cash reserves and treasury shares.

The Birmingham, Alabama-based outfit develops and delivers compliance and outsourced core processing solutions to over 800 financial institutions in the US and so will play a major part in Temenos's growth strategy Stateside. The Swiss core banking vendor says that the deal gives it "an experienced and well-connected team with local market knowledge and presence led by David Brasfield who has over 25 years of experience in the US banking software space"

David Arnott, Temenos CEO, says: “The financial services market is undergoing a generational shift. Changing customer behaviour coupled with technological advances, in particular in the area of mobility and multi-access devices, have revolutionised 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 capitalise 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.”

TriNovus has $17 million of contracted revenue backlog and "significant" forecasted standalone growth. The acquisition has 2013 forecast revenues of around $8 million and forecast costs of $8 million.

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