Temenos, a provider of integrated core banking systems, said it is acquiring Lydian Associates Limited, a UK-based provider of Business Intelligence (BI) software for the banking sector. The acquisition price was not disclosed.
Lydian Associates, formed in 1998, sells a range of products under the Webform brand that, by affording multi-dimensional analysis of a bank's data, permit better-informed management decisions. The products give users the ability to produce desktop reports, graphics and dashboards - defined according to any specified parameters or Key Performance Indicators (KPIs) - that are used for assessing performance, profitability and liquidity.
Temenos said it will integrate the Webform products with the T24 Data Warehouse. The T24 Data Warehouse, which was introduced as part of the R08 release of T24, is a part of T24 with the clear benefit of tight integration between operational and management information. The Webform products will add the ability to interrogate this data using pre-packaged multi-dimensional analysis tools, according to Temenos.
Lydian Associates was founded by Graham Goble, who started his career at Kapiti Ltd (a company acquired by Misys in 1994) and the products were originally designed for Misys Equation customers. In fact, of the 45 existing clients, who will continue to receive full support after the acquisition, all are either Misys Equation or Bankmaster clients.
On top of its core BI products, Lydian Associates also developed a number of standard software applications that provide Misys clients with solutions for the automated production of central bank reporting and a profit-distribution application central to compliance with Islamic Banking regulations.
The total acquisition price, which is not disclosed, consists of an up-front consideration and further payments contingent on Lydian achieving performance criteria. In its last financial year (to end of May 2008), Lydian made an operating profit of $560,000 on revenue of $1.8 million.