Temenos, a Geneva-based provider of core banking software to the financial services industry, has acquired Akcelerant, a financial services software company based in Philadelphia.
Akcelerant has more than 600 financial services institution clients in North America, most of them credit unions. Its software products support loan origination, account servicing, risk management and collections.
The acquisition, announced Tuesday, follows Temenos's 2013 purchase of Trinovus, a software-as-a-service technology provider, and creation of the Temenos USA division. The company considers the Akcelerant merger key to its North America growth strategy, especially in the U.S. The purchase of Akcelerant will also allow Temenos to broaden its product portfolio.
Temenos has already gained traction on the U.S. In the last twelve months, the company has signed eight customers for T24, its real-time core banking platform, the first of which — Independence Bancshares — is now live with the solution. Temenos has also signed eight customers for Insight, its predictive analytics engine; and it now boasts more than 1,300 customers for its compliance solutions TriComply, SocialComply, and BankerVMS.
Jay Mossman, founder and CEO of Akcelerant, will continue as its CEO and join the Temenos USA management team. The executive team at Akcelerant will remain intact, and continue to lead the business.