News blog
Financial Objects
- BY: Andrew Hore |
- POSTED: 03/07/2008 |
Financial Objects has agreed a 60p a share bid from Swiss banking software supplier Temenos.
The bid values the banking, wealth management and risk management software provider at £27.2m. It had net cash of £4.8m at the end of 2007. The shares were trading at 31.5p before the bid.
Financial Objects issued a profit warning in May but Temenos isn’t taking much of a chance with this bid because Financial Objects generates £8.4m a year from contracted maintenance. Temenos will also gain access to a lower cost development operation in India.
Temenos provides software for retail banking, corporate banking, wealth management and Islamic banking. It generated revenues of $330m and a pre-tax profit of $64.4m in 2007. Temenos generated $61m in cash from operations last year so Financial Objects is easily affordable.
Financial Objects is the latest small Aim software company to succumb to a bid. Flomerics has just recommended an increased bid from Mentor Graphics and outsourcer Capita has also been mopping up small IT and software companies, including Computerland UK.
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