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Swiss financial software firm Temenos Group AG has acquired Malvern-based financial software provider Akcelerant. The price is $50 million plus a $5 million potential earnout.
Akcelerant's website carries the tag line "not just for collections any more," reflecting its roots. It says it now has a full set of modules covering the entire financial services customer relationship management function. Its primary market is the credit union space.
|Jay Mossman / LinkedIn|
Jay Mossman, who founded Akcelerant in 2000, is a veteran Philadelphia area entrepreneur, having run another financial services software firm, Premier Solutions (sold to SunGard), earlier in the 90s. His earlier experience was mostly in technology with financial services companies.
Akcelerent has 130 employees and is expected to achieve revenue of $15 million this year, and be at breakeven, Temenos says.
Temenos said in a statement that "the acquisition is key to Temenos’ North America growth strategy, especially within the US. It follows the 2013 acquisition of Trinovus, a software-as-a-service technology provider, and creation of the Temenos USA division. The purchase of Akcelerant will also give Temenos additional scale and presence in the region and enable it to offer a broader portfolio of products to new and existing customers."
Mossman and his current management team will remain in place.