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Misys suitor talks up its merger bid
TEMENOS insisted yesterday its plan to merge with British banking software group Misys presents the best deal for both sides, despite the rival offer from Vista Equity Partners on Monday.
Swiss-based Temenos, which reported a 35 per cent fall in fourth quarter adjusted profits to $35.2m (£22.3m), said the merger would give “enhanced scale and growth prospects” along with “significant cost synergies”.
Temeos added that its presence banking, wealth management and business intelligence complements Misys’ core operations.
The firm said its revenues fell 15 per cent on last year to $127m in the quarter, as the Eurozone crisis made its banking customers reluctant to spend.