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Temenos flotation set to make waves

The Temenos flotation will be one of the biggest this year Keystone Archive

The flotation of the Geneva-based software group, Temenos, on the Swiss stock exchange on Monday will value the company at between SFr1.4 billion ($775 million) and SFr1.6 billion, making it one of the largest technology offerings this year.

Shares are to be priced at SFr25 to SFr29, raising up to SFr313 million. Existing shareholders are expected to sell around 1.9 million shares.

George Koukis bought the company for less than SFr2 million in 1993. The proceeds of the IPO will be used to expand the company’s operations in the United States and Japan.

Temenos is not well known outside the high-tech sector although some 270 banks use its back-office Globus software. It offers treasury, investment and private banking. Customers pay an initial license fee and 18 per cent of the fee for five years for upgrades and maintenance.

In the year to June 2000, revenues at Temenos rise 60 per cent to SFr124 million with profits of SFr15.4 million.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR