Temenos AG

Temenos AG

Company type	Public (Aktiengesellschaft)
Traded as	SIX: TEMN SMI MID component
Industry	Banking software Computer software Digital banking
Founded	Geneva, Switzerland (1993, as Temenos Systems)
Headquarters	Geneva , Switzerland
Key people	Thibault de Tersant, chairman Jean-Pierre Brulard, CEO Takis Spiliopoulos, CFO Barb Morgan, Chief Product and Technology Officer
Products	Temenos Digital - Digital Origination and Digital Channels Temenos Transact - Core Banking Temenos Payments Temenos Fund Administration Temenos SaaS
Revenue	$981 million (2019)[1]
Number of employees	7,500 (2020)[2]
Website	www.temenos.com

Temenos AG (SIX: TEMN) is a company specialising in enterprise software for banks and financial services, with its headquarters in Geneva, Switzerland. Temenos was initially created in 1993, and has been listed on the Swiss stock exchange since 2001.

Founded in 1993 and listed on the Swiss stock exchange (SIX: TEMN), Temenos AG is a provider of banking software systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks. Headquartered in Geneva, Switzerland, and with 67 offices in 40 countries, Temenos serves over 3,000 financial institutions in 145 countries across the world.^[3][2] It claims to be used by 41 of the top 50 banks worldwide.^[2][3]

The company 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^[4] (1992), and continued to develop and market GLOBUS.

In 2001, Temenos went public,^[5] and is listed on the main segment of the SWX Swiss Exchange (TEMN). Also in 2001, Temenos acquired a mainframe core banking application aimed at high-end retail banks, originally developed by IBM, and now marketed as Temenos Corebanking.^{[citation needed]}

On 30 September 2003, Temenos launched its T24 banking package. T24 was based on GLOBUS,^[6] 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.^{[citation needed]}

In 2011, George Koukis stepped down as chairman and became a non-executive director,^[7] and Andreas Andreades became chairman.

In 2021, Temenos launched a new collaborative fintech marketplace, Temenos Exchange.^[8]

In February 2024, American short-selling firm Hindenburg Research released a report alleging "major accounting irregularities" at Temenos.^[9] Temenos denied the allegations, and announced an independent review.^[10][11] The independent review was published in April 2024, claiming that the allegations made by Hindenburg Research were "inaccurate and misleading."^[12] 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.^[13]

In December 2024, Jean-Pierre Brulard, the newly appointed CEO in May 2024, claimed he was concentrating on a long-term strategy aimed at advancing the company and restoring trust among investors and customers after the turbulence caused by allegations of revenue manipulation from the US short-seller Hindenburg Research. Temenos unveiled a strategic realignment that emphasizes increased investment in product development and market launches, expanding sales teams, and optimizing its product portfolio. In this sense, to facilitate growth beyond the overall market's 7% annual rate, Temenos planned to invest $100 million primarily funded through cost savings.^[14]