Swiss core banking vendor Temenos has acquired TLC Risk Solutions, a UK-based vendor of Basel II compliant credit and operational risk software, for an undisclosed sum.
TLC's barracuda software product acts as a data capture engine, calculating capital charges for credit and operational risk under the Basel Accord. The privately-held vendor first struck up an alliance with Temenos in October 2004 with the aim of delivering an easy-to-integrate risk package for the Swiss firm's core banking system.
The first joint client of the alliance, Universal Bank in Cyprus, successfully implemented the combined package in 2005.
Temenos says it will rebrand barracuda as T-Risk and provide it as a stand-alone product that can be easily integrated within the T24 and Corebanking platforms. The design and development team from TLC have already joined Temenos, working out of the vendor's Fenchurch Street offices in London. These include two of TLC’s three founders, David Thomas and Nicholas Morgan.
Andreas Andreades, CEO, Temenos, says: "This transaction illustrates our strong commitment to invest in our product portfolio in order to meet our clients’ needs. It is a very complimentary acquisition for us, which will broaden our platform offering and strengthen our position in the risk area."