Temenos, Metavante Reach Settlement on Fate of Partnership

Temenos, the Geneva-based core systems provider, has settled a dispute with Metavante (Milwaukee) over the fate of the companies' joint venture after it was announced that Jacksonville, Fla.-based Fidelity National Information Systems would be acquiring Metavante.

Originally, Temenos maintained that the deal was still binding, regardless of the proposed FIS/Metavante merger. However, Temenos now says the two companies have finally amicably settled any confusion about the partnership. According to a release from Temenos, as part of the settlement, Metavante received a license to continue its use of the Customer Information Management functionality of Temenos Core Banking for the development of next-generation core technology. Temenos continues to retain all rights in the development and investment done in TCB to date as a result of the agreement.

Both organizations have agreed that they will jointly pursue Temenos T24 (T24) deals in the U.S. market on a non-exclusive basis and look forward to collaborating on further future opportunities.