Bryan, Garnier & Co leads the sale of Viveo to Temenos for a total consideration of $81 million
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Paris/London January, 5th 2010 – Bryan, Garnier & Co, the independent pan-European Investment bank focusing on growth companies, today announced the completion of the sale of Viveo, a leading French independent provider of software for banks and financial institutions, to Temenos, a global provider of banking software systems, for a total consideration of $81 million (cash free / debt free). Temenos is listed on the Swiss Stock Exchange (SIX), and has over 2,900 staff employees in 51 offices worldwide, with a turnover of $407 million in 2008.
Bryan, Garnier & Co acted as exclusive financial advisor to the shareholders of Viveo, including Frojal SA, the holding company of Editions Francis Lefebvre Group, Viveo founders Raimondo Ascer and Dominique Lejeune, BNP Paribas and Crédit Agricole Private Equity.
Founded in 1983, Viveo has 410 employees and achieved a turnover of $65 million in 2008 with high single-digit margins. The company delivers a flexible, modular range of software for banks and financial institutions that provides the best possible solution to support functional, technological and regulatory requirements. With more than 750 clients in more than 35 countries, Viveo is one of the leading companies in its market.
This transaction represents Temenos’ largest acquisition in its history. The price of the acquisition is $81 million (cash free / debt free), and is being financed entirely by existing debt facilities. The acquisition is expected to be strongly accretive to earnings from 2010 onwards. Thanks to its acquisition of Viveo, Temenos will establish a leadership position in banking software in the French market, including tier-1 institutions, and extend its domain expertise.
Andreas Andreades, Temenos CEO, commented: “We are delighted to announce the acquisition of Viveo Group. Viveo brings a large, very high quality customer base, deep domain expertise in sales and development and market leading complementary products. We believe the fit between the two organisations is very strong and highly synergistic. The acquisition enhances further our critical mass and establishes a clear leader in core banking, especially in France. In the last 12 months, Temenos has experienced very strong growth in France and joining forces with Viveo will create a powerhouse in this market. More generally, this acquisition adds significantly to the Temenos installed base, giving us the scale to invest more significantly and faster in sales and development to deliver superior value for our customers and shareholders.”
Bruno Tourme, Managing Director and Head of Technology Group at Bryan, Garnier & Co, commented: “Viveo management has built a great asset over the last 20 years, becoming the number one software company in France for banking solutions. The company’s acquisition by Temenos, the most talented global player in financial solutions, shows the high quality of the business.”
Raimondo Ascer, CEO of Viveo, declared: “This is a very good deal for Viveo Group and all of its stakeholders. As part of a bigger group, we will have access to greater resources and will be able to serve our customers better. Further, our employees will have more opportunities to develop and progress. The combination of Viveo and Temenos creates a clear market leader in core banking and I strongly believe this will be a highly successful and value-creating union.”
“CIOs in banking and other industries are increasingly looking for one stop shopping for their software solutions to reduce costs and increase efficiency. We expect to see continued consolidation in the sector similar to the acquisition of Viveo by Temenos within the next 24 months”, added Bruno Tourme.
For more information, please contact:
Bruno Tourme Managing Director / Head of Technology Group – Corporate Finance
+44 207 332 2500 | btourme@bryangarnier.com
Thibaut de Smedt Managing Director / Technology Group – Corporate Finance
+33 1 56 68 75 75 | tdesmedt@bryangarnier.com
Bruno Attali Associate – Corporate Finance
+33 1 56 68 75 22 | battali@bryangarnier.com
About Viveo
A strategic partner to banks and financial establishments, Viveo offers modulable software and related services to comprehensively handle functional, technological and/or regulatory issues. With over 25 years’ experience in the banking world, the company is currently positioned as the only major European software player which combines software development and consulting to provide end-to-end banking solutions.