Temenos: Metavante Deal Remains Intact After Takeover
April 01 2009 - 10:52AM
Dow Jones News
Swiss banking software firm Temenos Group AG (TEMN.EB) said
Wednesday its contract with its partner Metavante Technologies Inc.
(MV) remains intact, even if Fidelity National Information Services
Inc. (FIS) goes ahead with its plan to buy Metavante.
"The contract between Temenos and Metavante concerning the joint
development and marketing of Temenos Corebanking in the U.S. is
binding upon both parties and assigns to successors in the case of
either party being acquired," Temenos said in a statement.
Earlier Wednesday, Fidelity National Information Services said
it agreed to acquire Metavante, a provider of processing services
to financial institutions, in a stock deal valued at $2.94
billion.
In February 2007, Temenos and Metavante entered a strategic
agreement to jointly develop and market an advanced core banking
platform based on Temenos Corebanking to be targeted at top-tier
U.S. financial institutions.
The agreement gives exclusivity to Metavante to market the
jointly-developed product in the U.S. and entitles Temenos to
certain minimum royalty payments until 2012.
Company Web sites: www.temenos.com; www.metavante.com;
www.fidelityinfoservices.com
-By Julia Mengewein, Dow Jones Newswires; +41 43 443 80 45;
julia.mengewein@dowjones.com