Geneva-based Temenos has purchased the Iris corebanking application, originally developed by RSI, in an all stock transaction valued at $15 million.
The acquisition entails the transfer of the software, which runs on IBM Z series mainframes, and of the shares of Integrated Core Technologies Participations (ICT), a Luxembourg-based company, to Temenos Holdings.
Iris will add significant functionality and volume processing capability to the Temenos Globus product suite, and will substantially reduce its time to market for bringing Globus to the world's leading Tier 1 financial institutions.
George Koukis, chairman and CEO of Temenos, believes: "Decreasing margins and rapid industry consolidation will, in the next 10 years, force the large Tier 1 banks to replace older and less efficient core banking systems with modern, flexible and cost effective packaged solutions. With this new acquisition, we are well poised to fully exploit the business opportunities which lie ahead of us."
The new enhanced system will be known as Globus Corebanking and will be fully integrated with Temenos Globus, which also runs on the Z Series IBM mainframes and the DB2 database management system.