Geneva-based banking software provider came through industry turmoil with improved operating profits and increased sales in the first quarter.
Despite the turmoil in the banking sector at home and abroad, banking software company Temenos said sales across all of its businesses increased three percent from the first quarter of last year to $226.5 million, led by a 220 percent increase in subscriptions in the first quarter, the Geneva-based company reported Tuesday evening.
Revenue from software licensing brought in $91.3 million in the first quarter, a ten percent increase while maintenance, the largest segment, rose three percent to $102.4 million, according to the results. The only decline was in services, which fell 13 percent to $32.8 million.
Stable Sales Environment
CEO Andreas Andreades said Temenos had «a strong start to the year» and expects the sales environment to be stable this year.
«I was particularly pleased with our sales performance this quarter which included signing Regions, a large US domestic bank, for core banking replacement on Temenos Banking Cloud and a leading bank in Latin America, also for core banking replacement in the cloud, as well as signing with a top 10 global bank headquartered in Europe for digital modernization of their global wealth business,» he went on to say.
Targets for the 2023 fiscal year are software licensing revenue growth of at least six percent and EBIT growth of as least seven percent, with EPS growth, pegged for a minimum of six percent.
