Swiss banking software company, Temenos AG, with a market value of $5.3 billion, is seeking new expressions of interest from potential suitors after previous takeover talks fell apart over price disagreements. According to people with knowledge of the matter, the company has been working with advisers to assess buyer interest.
Private Equity Firms Explore Potential Acquisition
Private equity firms including EQT AB, Permira, Nordic Capital, Thoma Bravo, and KKR & Co. have shown interest in acquiring the business. However, there’s no certainty that any of these firms will follow through with bids.
Shares Drop Amid Pressure to Replace CEO and Review Strategy
In the past year, shares in Temenos have fallen 29% to 64 Swiss francs. The company has faced pressure from activist investor Petrus Advisers to replace Chief Executive Officer Max Chuard and review its strategy.
Chairman Andreas Andreades Interested in Sale Before Departure
Andreas Andreades, the outgoing Chairman who will not stand for re-election at the upcoming annual meeting, is reportedly keen on exploring a sale before his departure. However, buyout firms may struggle to offer a high enough price and secure financing, according to the people familiar with the matter.
Temenos on the Shopping List for Tech-Focused Buyout Funds
Temenos has been on the radar of tech-focused buyout funds for years, with EQT and Thoma Bravo among those that have pursued it in recent times. Discussions have faltered in the past because of concerns over Temenos’s price expectations and business model, as well as lowered guidance.
German Software Giant SAP SE May Show Interest
Buyout firms are closely monitoring the situation, and German software giant SAP SE is also considered an interested party, according to Swiss outlet Finanz und Wirtschaft. The company primarily caters to wealth managers and banks, including Credit Suisse Group AG, offering core software. Swiss billionaire Martin Ebner is among its shareholders.
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Conclusion: Awaiting Decisive Moves in the Temenos Buyout Saga
In conclusion, the potential buyout of Temenos AG has reignited interest among private equity firms, with the Swiss banking software company seeking fresh interest from potential suitors. The outcome of this renewed interest remains uncertain, as previous talks have fallen through over price disagreements and other concerns. As both private equity firms and industry giants like SAP SE keep a close eye on the situation, the coming months will be crucial in determining the future of this $5.3 billion company. Regardless of the outcome, these developments underscore the growing appetite for acquisitions in the banking software industry as it continues to evolve and expand.
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Frequently Asked Questions
1. Who are the interested private equity firms?
EQT AB, Permira, Nordic Capital, Thoma Bravo, and KKR & Co. are among the interested private equity firms considering a potential acquisition of Temenos AG.
2. Why did previous takeover talks fall apart?
The previous takeover talks fell apart due to disagreements over the company's valuation and price expectations, as well as concerns about its business model and lowered guidance.
3. How has Temenos's stock price performed?
Over the past year, shares in Temenos have fallen 29% to 64 Swiss francs, reflecting a decline in the company's market value and increased pressure from activist investors.
4. What does Temenos's software cater to?
Temenos primarily caters to wealth managers and banks, offering core software solutions that support their day-to-day operations and financial management tasks.
5. Is SAP SE considering acquiring Temenos?
According to Swiss outlet Finanz und Wirtschaft, German software giant SAP SE is considered an interested party in the potential acquisition of Temenos AG, although no official statement has been made by the company.