Temenos pays $50MM+ for Malvern's Akcelerant

Geneva, Switzerland-based financial-software maker Temenos says it has agreed to pay $50 million, plus up to $5 million extra if things go well, to buy Malvern-based Akcelerant, which says it makes software for 600 credit unions and other financial service institutions, including the Profitwise cost reporting system.  Akcelerant employs 130 here.  Tenemos says Akcelerant should post sales worth $15 million this year.

Tenemos products include T24, for core banking services; and banking compliance programs, some made by Trinovus, Birmingham, Ala., includingTriComply, SocialComply and BankerVMS. Akcelerant will help improve T24, Tenemos ceo David Arnott said in a statement. He added that Tenemos and other financial software companies face 'tougher cometition and more demanding customer expectations."

Jay Mossman, who founded Akcelerant in 2000 after selling his previous company, Premier Software, to Wayne-based SunGard, will stay with the company and "the executive team at Akcelerant will remain intact," according to Temenos. "There remains great potential to improve our market share in the Americas," Mossman said in his statement.