© Reuters.
By Scott Kanowsky
Investing.com — Shares in Temenos Group AG (SIX:) rose on Tuesday after the software company said a U.S. financial institution will extend its relationship to include international private banking.
In a statement, the Swiss firm added that its wealth management platform will support the lender’s “strategic transition to a cloud-based core banking system and help drive growth in Europe and the Asia-Pacific (APAC).” Temenos did not name the financial institution by name.
Analysts at Vontobel called the contract a “deal win” for Temenos, saying that it is likely “above average size.” The agreement also demonstrates Temenos’ ability to compete in banking software, the Vontobel analysts noted.
The announcement comes as Temenos faces pressure from activist investors after the group reported a steep slide in third quarter income and scrapped its annual earnings guidance in October.
Shares have fallen by more than 57% over the past one-year period.
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