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Misys and Temenos together

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10 February 2012
Bart Narter
The press has reported that Misys and Temenos are likely to merge. I think these two companies make a very good couple with significant overlap in geography, and complementary product sets. Misys customers on Midas, Bankmaster, and Equation have been waiting for a path forward and were recently given BankFusion as a way forward. It is not fully built out, but now T24 presents another attractive option with a much larger customer base than BankFusion. Temenos had T24 model bank (a preconfigured T24 designed for certain target markets) designed for Misys clients. As a single company, it will be much easier for Misys to present viable paths forward in retail and commercial core banking.

Comments

  • Bart, why do you think that stock market and analysts are not reacting positively to this merge?

    How do you imagine, the new merged company will save the targeted 100 Mio ? If they keep teams developing both and in parallel T24 and BankFusion.. ?

  • It makes a lot of sense for Temenos which has a single product in its portfolio, that’s aging now and the company has done well by extending the life of globus through its evolution into T24. It has reached the point of saturation now. Instead of getting into a high risk NPD program, Temenos gets to shorten its time to market by riding the Bankfusion wave as well as lead the consolidation play in the core banking space. There is nothing in it for the Misys shareholders. They are throwing away a multi product growth business that has the benefit of inherent diversification very cheap to the Temenos shareholders who have an old aging product. Misys intrinsic value is much higher than what this merger is promising. Any investor can figure this out by looking at Misys beyond Bankfusion.

  • Over time I would expect them to harmonize the T24 and Bank Fusion product lines, or pick one over the other.... Migrating T24 functionality to the Bank Fusion architecture or learning from the Bank Fusion architecture and migrating to T24.

  • Misys customers have been looking for a path forward and T24 could well be a quicker path. Temenos has continually invested in T24 functionality which might serve Midas customers more quickly than further investment in Bank Fusion.