Swiss core banking provider Temenos is in advanced discussions regarding a possible all-cash £1.4 billion takeover of trading systems technology vendor Fidessa
The news comes on the back of a strong set of results for both firms, riding the recent boom in technology spending by banks. Just last week Temenos reported strong double-digit growth in licencing deals, while Fidessa yesterday turned in a seven percent rise in revenues to £353.9 million.
Under the proposed terms, Fidessa shareholders would receive £35.67 in cash for each Fidessa share together with the right to receive the dividends announced yesterday with Fidessa’s full-year results which, in aggregate, are worth £0.797 per Fidessa share.
In a statement, Temenos says the Fidessa board has expressed its wish to consummate the deal should an offer be made.