LONDON - January 30, 2006 - Goldenhill Technology Advisors llp (www.gtallp.com) today announced that it advised TLC Risk Solutions ("TLC") in its acquisition by TEMENOS Group (SWX: TEMN), a provider of integrated core banking systems ("TEMENOS"). Under the terms of the agreement TEMENOS will acquire the assets of TLC for an undisclosed sum, including the company's barracuda software product, a complete solution for the calculation of regulatory capital under Basel II. The deal provides TEMENOS with a competitive edge in the growing risk management market.
TLC is a UK-based risk management software product business focussed on providing Basel II regulatory compliance to banking organisations worldwide through deployment of the barracuda product. Barracuda provides a predefined, Basel II-specific, data taxonomy and acts as the data 'concentrator' for all the data from disparate source systems required to properly calculate Risk Weighted Assets (RWA) under Basel II. It covers the full range of Pillar I capital adequacy calculations and reporting requirements, incorporating credit, operational and market risk ensuring minimum capital requirement through optimisation of exposure and mitigation. Barracuda also supports Pillar II and risk management business process improvement and provides a strategic solution for long term regulatory compliance supporting Pillar III and beyond.
Keith Eden, TLC's Executive Chairman said, "The fit with TEMENOS was right, the regulatory compliance sector is experiencing good times driven by requirements such as Basel II, and TEMENOS provides us with a broader platform from which to expand".
Speaking of his choice of Goldenhill to represent them in this process, Mr Eden went on to add, "In seeking financial advisers we were looking for a technology focused firm with M&A experience and credibility, including detailed knowledge and experience in the Financial Technology sector. Goldenhill scored high in all these areas and won the beauty parade. Goldenhill worked very closely with us through all stages of the sale from the identification of prospective purchasers through to assisting in the negotiations with the ultimate buyer, TEMENOS, which was always viewed as the most likely option. They delivered a wide range of potential suitors and organised excellent introductory meetings and handled follow-ups promptly and efficiently and the board of TLC were able to agree the disposal fully cognisant of the range of other options and price models in the market."
David Thomas, co-founder and director, TLC Risk Solutions, says: "This is an extremely positive move for our clients. They can now benefit from TEMENOS' extensive experience of the banking software industry, its superior product portfolio and its commitment to technical development. In addition, they'll continue to meet their risk management requirements through the barracuda software with no disruption."
About Goldenhill Technology Advisors
Goldenhill's sole focus is to represent and advise our technology business Clients in merger and acquisition (M&A) engagements. Our engagements include providing services to Sellers or Buyers in M&A projects in the UK, USA and Europe with specific focus in software and service businesses. Please contact us at www.gtallp.com.