Temenos, a Switzerland-based provider of banking software, is planning to acquire Primisyn, a Canadian provider of business intelligence (BI) software for the financial services sector, for an undisclosed amount.
This acquisition is expected to strengthen Temenos’ BI development team and reinforce its presence in the growing Canadian market.
As part of the acquisition, Temenos will integrate Primisyn’s Simplus Enterprise Suite into its existing BI solution, Insight, extending the product offering into customer analytics and enhancing the operational intelligence functionality.
Primisyn said that Simplus provides CUs with business critical information to facilitate informed decision making and streamline business processes in every department across the organization including finance, marketing, operations, human resources, and risk management.
Temenos product director of Insight Graham Goble said the acquisition of Primisyn will further align Temenos’ product offering with current market requirements while enhancing its strategic relationship with Microsoft.
The total acquisition price consists of an up-front consideration and further payments contingent on Primisyn achieving performance criteria.