Temenos has acquired Akcelerant, a US-based financial software provider, in order to improve its financial services solution offerings.
Akcelerant provides software solutions for more than 600 institutions in North America, mainly in the credit union space.
Its products help financial institutions to grow new loans and accounts, controlling risk and operating more efficiently and profitably. It also helps to improve relationships between institutions and account holders throughout the account lifecycle.
Based in Philadelphia, Akcelerant will aid Temenos’s North America growth strategy, giving additional scale and a greater range of products in the region.
The acquisition is the latest in a string of successes for Temenos. It recently launched its T24 banking platform and signed eight customers to the service, one of which has already gone live on the service.
It has also created a USA division, and, in 2013, it acquired software-as-a-service provider Trinovus.
Jay Mossman, founder and CEO of Akcelerant, will continue as CEO, and will join the Temenos USA management team.
He said: “The combination of Temenos’ North American business with Akcelerant represents an excellent fit for our customers and employees.”
“While Temenos is a global market leader in banking software, there remains great potential to improve our market share in the Americas. Akcelerant will help to achieve this potential, adding market-leading product capabilities spanning loan and account origination, service, collections, recovery and profitability.”
Temenos CEO David Arnott added: “This represents a highly strategic investment for us that will further increase our market presence in North America and build on the momentum that we have been generating over recent years.”
“Putting the Akcelerant products together with Temenos’s, including a new US model bank for T24, will give us an enhanced value proposition for the US financial services market, which we believe needs real-time, flexible and omni-channel solutions to be able to succeed against tougher competition and more demanding customer expectations.”
