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Temenos Acquires U.S. SAAS Core Banking Provider TriNovus

Swiss core banking vendor Temenos announced it is acquiring TriNovus to further its growth strategy in the U.S. to provide a SAAS version of its T24 core banking solution.

Core vendors have been making headlines with some big mergers and acquisitions lately and today Temenos joined the action today announcing its acquisition of TriNovus, a software-as-a-service provider to more than 800 banks. Temenos, a core vendor based in Switzerland, announced the deal in a statement released today, saying that the acquisition of the Birmingham, Ala.-based TriNovus would help it expand in the U.S. market.

[See Related: What Banks Need To Know About Vendor M&As]

Acquiring TriNovus would provide Temenos with a client bae spanning all 50 U.S. states and a team with specialized knowledge of the U.S. market, the statement said. TriNovus has a focus on compliance solutions that can help Temenos deal with regulatory and compliance issues in the U.S. market.

TriNovus also has SAAS core processing expertise that will help Temenos bring its T24 real-time core banking solution to U.S. institutions. Temenos said in its statement that the TriNovus team will help it develop a SAAS offering based on the T24 solution that incorporates other Temenos solutions for data and analytics and AML.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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