Swiss banking software company Temenos is acquiring edge IPK, a provider of user experience platform (UXP) software to the financial services industry.
Headquartered in the UK, and with operations in the US and India, edge IPK provides financial institutions with the ability to launch and maintain a consistent user experience across multiple channels products and geographies.
Analyst Gartner recently said of edge IPK product edgeConnect, "some customers report delivering applications up to five times as quickly, with a fraction of the resources".
The edgeConnect offering includes a runtime and integrated development environment (IDE) for the creation and management of multi-channel business applications. These applications are built once and deployed multiple times across different channels and devices, covering the web, mobile devices, branch offices and call centres for instance.
Another key feature is the capability for web designers to design and test user experience pages, forms and workflows - independently from developers or architects - speeding up time to market.
The edgeConnect platform is used by companies including Deutsche Bank, ABN Amro, Zurich and Allianz. In addition, it will soon be deployed at Metro Bank along with the Temenos T24 internet banking portal, the Temenos core banking system.
Temonos said the acquisition will enable it to compete more effectively in the financial services front office application market, which it says is around the same size as the core banking market. Also with the acquisition Temenos will be able to offer a common user interface (UI) across all of its products, as well as additional functionality.
Temenos said it would continue to sell edgeConnect on a standalone basis and all existing UIs that Temenos customers are using will continue to be supported.
The value of the acquisition has not been disclosed. In 2011, edge IPK generated revenues of $5.7 million. The deal is expected to be completed by the beginning of October.
David Arnott, CEO at Temenos, said, "Customers are increasingly consuming financial services via the internet using PCs, tablets and smartphones, and the quality of the user experience is becoming a key battleground and a major determinant of customer satisfaction, as well as a vital tool for cross-selling and customer retention."
He said, "With this acquisition we are giving our customers the capability to out-innovate their competitors, launch new products more quickly and deliver a far superior customer experience.”
Earlier this year Temenos pulled out of a major bid to merge with UK software giant Misys. Temenos withdrew its bid after the parties failed to agree on terms.