Akcelerant and its 130 employees in Malvern have a new boss. The firm, founded in 2000, has just been acquired by Temenos of Geneva, Switzerland.
Akcelerant provides mission-critical solutions to more than 600 financial services companies in North America.
Temenos has been in acquisition mode in the U.S., and purchased Trinovus in 2013. The firm said Akcelerant’s purchase will give it additional scale and presence and enable it to offer a broader portfolio of products to new and existing customers.
The acquisition will also help Temenos to capitalize on recent momentum it has had with T24, an award-winning real-time core banking platform. Temenos said it has more than 1,300 customers for its market-leading compliance solutions TriComply, SocialComply, and BankerVMS.
Temenos acquired Akcelerant for $50 million in cash and $5 million more to be paid over the next 3 years.
Jay Mossman, founder and CEO of Akcelerant, will continue as CEO and join the Temenos USA management team. The executive team at Akcelerant will remain intact.
“The combination of Temenos’ North American business with Akcelerant represents an excellent fit for our customers and employees,” Mossman said. “While Temenos is a global market leader in banking software, there remains great potential to improve our market share in the Americas.”