Temenos said late Monday that it will acquire Odyssey Financial Technologies, a supplier of front- and middle-office software for private banking, wealth management and investment management.
The Geneva-based provider of banking software said it will pay $81 million for Odyssey as well as take on $20.3 million of Odyssey debt.
Temenos said it will invest in building up the capabilities of Odyssey's Triple’A Plus and WealthManager products "to provide the strongest full front-to-back solution coverage in the Private Banking and Wealth Management (PWM) software market - both for mass affluent and for high net worth individuals."
The combination of Temenos' and Odyssey's business in this area is projected to generate $130 milion in annual revenue.
This will be "a business with the scale to out-sell and out-innovate competition and gain significant market share,'' said Temenos chief executive Andreas Andreades.
"Odyssey products will directly benefit from the scale and geographical breadth of Temenos’ R&D and Services organization,'' said Antoine Duchateau, founder and executive chairman of Odyssey.
Temenos was founded in 1993 and is listed on the Swiss Stock Exchange. The company ranks 26th in the American Banker top 100 FinTech companies. Odyssey, also based in Switzerland, serves 200 financial institutions in more than 30 countries.
Odyssey shareholders have approved. The deal is expected to close in mid-October.
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