Swiss banking software company Temenos enters a partnership to expand its services into India, Sri Lanka, Nepal, and Bhutan.
The Geneva-based banking software company Temenos entered into an agreement with Bahwan Cybertek (BCT) to scale its operations in four countries on the Indian subcontinent, Temenos said in a statement Wednesday.
The agreement with BCT, a company that develops solutions in digital supply chain management, predictive analytics, and risk management. As part of the deal, BCT will market, implement and support all Temenos offerings in India, Sri Lanka, Nepal, and Bhutan exclusively for the next seven years.
Leveraging Regional Knowledge
Through the agreement, Temenos seeks to tap into BCT's regional strength to move clients to its composable banking platform, which views change as a constant and seeks to tailor systems flexibly around that.
Temenos has been subject to speculation of takeover rumors over the summer. It also suffered a delay in a deal with a major European bank that could not be finalized as planned and has now been postponed until the third quarter.
New Business Models
«Banks will benefit from our significant R&D investment and innovation roadmap while BCT will bring world-class professional services and a wide range of complimentary technology to drive faster innovation, broader reach into these markets, and faster adoption of our open platform for composable banking. By joining forces with BCT, we will deliver more value to our clients empowering them to build new business models, and new banking services and offer superior customer experiences,» said Temenos President Erich Gerber.
In the second quarter software licensing at Temenos grew by 5 percent compared to the same year-ago quarter to $101.1 million. Software as a service (SaaS) grew by 32 percent during the period to $38.7 million, offsetting a 48 percent drop in term licensing to $31.8 million. At the same time, the subscription model grew significantly to $30.6 million, as finews.com reported.
