TriNovus Completes Strategic Sale to Temenos
Birmingham, ALA. (March 27, 2013) — Founders Investment Banking (“Founders”) is pleased to announce that TriNovus, LLC has been acquired by Temenos (SIX: TEMN), the leading provider of banking software to the financial services industry with clients in over 125 countries across the world. Headquartered in Birmingham, Alabama, TriNovus is a software-as-a-service (SaaS) technology provider guided by David Brasfield, a proven FinTech operator with over 25 years of industry experience. TriNovus has developed deep relationships with its more than 800 community bank and credit union clients through unmatched customer service, innovative software solutions, and a reputation as the authority in US banking compliance. The combination of Temenos’ best of breed core banking solutions, strong executive leadership, and cutting-edge technology with TriNovus’ keen understanding of the US banking environment, SaaS delivery, and national customer base bolsters Temenos’ position in the US marketplace, while enhancing its overall product offering to the broader financial services industry.
“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,” stated David Arnott, Temenos CEO. “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 market. I am delighted to welcome David Brasfield and his team to Temenos and look forward to working together.”
“We are delighted to be joining forces with Temenos,” commented David Brasfield, TriNovus President & CEO.”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 incumbent 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.”
The Principals of Founders Investment Banking acted as the exclusive advisor to TriNovus’ shareholders and worked in a registered capacity with M&A Securities Group, Inc. to advise on structuring the transaction. “The goodness of fit between TriNovus and Temenos is extraordinary,” said Zane Tarence, Managing Director of Founders’ Technology Practice. “David is one of the best SaaS entrepreneurs that I’ve had the privilege to work with, and I commend him and his team for the incredible business they have built in such a short period of time.TriNovus will bring substantial value to Temenos’ service offering and geographic distribution. Temenos will contribute its best of breed technology to TriNovus, which is backed by an unyielding commitment to R&D. We are excited to see this combined entity become one of the premier FinTech companies here in North America.”
Founded in 2009, TriNovus is a Birmingham, Alabama-based company focused primarily on the provision of SaaS compliance solutions and core processing to financial institutions. In addition, the company also provides technology addressing social media monitoring, stress testing, vendor management, distressed assets, fraud, security and more. For more information, please visit www.trinovus.com.
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market-leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with more than 55 offices worldwide, Temenos software is proven in over 1,500 customer deployments in more than 125 countries across the world. Temenos’ products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2010, Temenos customers enjoyed on average a 30% higher return on assets, a 46% higher return on capital and an 8.5 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com.