Temenos AG is a Swiss technology company specialising in

enterprise software Enterprise software, also known as enterprise application software (EAS), is computer software used to satisfy the needs of an organization rather than its individual users. Enterprise software is an integral part of a computer-based information ...

for banks and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

, with its headquarters in

Geneva Geneva ( , ; ) ; ; . is the List of cities in Switzerland, second-most populous city in Switzerland and the most populous in French-speaking Romandy. Situated in the southwest of the country, where the Rhône exits Lake Geneva, it is the ca ...

. It was founded in 1993, and has been listed on the Swiss stock exchange since 2001. Temenos serves over 3,000 financial institutions in 145 countries across the world. It claims to be used by 41 of the top 50 banks worldwide.

History

Temenos was established in November 1993 by George Koukis and Kim Goodall, having acquired the rights to GLOBUS, the successful banking software platform developed by a team of technical and banking experts in 1988. The company was renamed to Temenos, in reference to a lecture on money given by Hans-Wolfgang Frick at the Temenos Academy (1992), and continued to develop and market GLOBUS. In 2001, Temenos went public, and is listed on the main segment of the

SWX Swiss Exchange SIX Swiss Exchange (formerly SWX Swiss Exchange), based in Zürich, is Switzerland's principal stock exchange (the other being BX Swiss). SIX Swiss Exchange also trades other securities such as Swiss government bonds and derivatives such as sto ...

(TEMN). Also in 2001, Temenos acquired a mainframe core banking application aimed at high-end retail banks, originally developed by

IBM International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...

, and now marketed as Temenos Corebanking. On 30 September 2003, Temenos launched its T24 banking package. T24 was based on GLOBUS, but with a state-of-the-art banking technology platform. This was the result of 3 years of development effort and an investment of more than US$24 million. In 2011, George Koukis stepped down as

chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

and became a non-executive director, and Andreas Andreades became chairman. In 2021, Temenos launched a new collaborative

fintech Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

marketplace A marketplace, market place, or just market, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a ''souk'' (from ...

, Temenos Exchange. In February 2024, American short-selling firm

Hindenburg Research Hindenburg Research LLC was a U.S. investment research firm with a focus on activist short-selling founded by Nathan Anderson in 2017. Named after the 1937 ''Hindenburg'' disaster, which they characterize as a human-made avoidable disaster, the ...

released a report alleging "major accounting irregularities" at Temenos. Temenos denied the allegations, and announced an independent review. The independent review was published in April 2024, claiming that the allegations made by Hindenburg Research were "inaccurate and misleading." In response, Hindenburg asserted that the independent review was a "tacit confirmation of accounting manipulation and disclosure violations," and questioned the "independence" of the review.

Acquisitions

References

{{DJSI World Software companies of Switzerland Banking software companies Financial software companies Companies based in Geneva Companies listed on the SIX Swiss Exchange Swiss brands Software companies established in 1993 Swiss companies established in 1993