Swiss financial services software provider Temenos has bought the US-based compliance technology company TriNovus.

According to Temenos, the acquisition will provide $17m of contracted revenue backlog.

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Temenos said it expects the deal to contribute 5-10% of group revenues within the next 3 years.

The acquisition is being funded through a combination of cash reserves and treasury shares.

David Arnott, Temenos CEO, said: "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.

"Our products allow US financial institutions to leapfrog their peers and capitalise on the transformation taking place in the market."

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David Brasfield, TriNovus president and CEO, said: "The combination has huge advantages for our customers, who will have access to a broad portfolio of market-leading solutions and benefit from Temenos’ commitment to industry-leading levels of research and development."

 

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