Temenos to Dominate Wealth Management Space with Odyssey Acquisition

Antoine Duchateau, Odyssey Financial Technologies

Private banking and wealth management software developer Odyssey Financial Technologies has agreed to be acquired by Temenos, the Geneva-based banking technology vendor, for $81 million.

In addition to the purchase price, Temenos will assume Odyssey's debt obligations of $20.3 million, pushing the deal's total value to $101.3 million; the acquisition is expected to close in mid October.

Through the move, Temenos will add Odyssey's Triple'A Plus and WealthManager systems to its own Temenos T24

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