Big takeover on Romanian software market

Swiss company Temenos, one of the world’s leading banking software suppliers has decided to make serious investments on the Romanian market. Temenos has bought the controlling interests in the Romanian IT systems integrator Logimax. The value of the transaction remains undisclosed by the two parties, but sources on the market say it might be about one million dollars.
The controlling interests in Logimax were bought by the Swiss Group through its Greek Temenos Eastern Europe division from the Canada-based Visette Inc.
A stake of 51.58% in Logimax changed hands and went to Temenos Eastern Europe. The Logimax managers retain 47.5% in the capital, while 0.92% is held by other natural persons.
Aside from the change in the shareholding structure, the deal will produce yet another effect: the Romanian company will undergo a change in name from Logimax, a brand registered both in Romania and Canada, to Temenos Romania. The Bucharest head office will become the first Temenos regional centre in Eastern Europe, in a non-European Union country.
Logimax was established in 1993 by Canada-based Visette Inc., specialising in management consulting and business development. Visette is based in Toronto, Ontario and held by Vasile Zamfirescu, a Romanian-born Canadian citizen. Vasile Zamfirescu controlled more than 95% in Logimax until July 2002, when several executives of the company bought part of the capital.
Logimax has more than five billion ROL in share capital and posted some two million dollars in 2001 revenues. It also logged $250,000 in gross profit last year. The management did not care to reveal the company’s turnover for the first six months of this year or any estimates about the 2002 revenues for that matter.
Although its popularity attained by the mid ’90s came from assembling and selling computers under its own brand, Logimax decided to focus on software production and development of IT projects for banks and other financial institutions several years later. Its clients include the National Bank of Romania, BCR, Finansbank, SIF Muntenia and International Leasing. Logimax gave up production and marketing of Logimax computers, as well as network installation and hardware product sales in Q2, last year.
Temenos Suisse has become known for developing and marketing the Temenos Globus software application aimed at the banking sector. The Swiss company has gained more than 300 banks and institutions from 90 countries as clients for this software solution so far, including ING Bank, Credit Lyonnais, Societe Generale or the European Commission itself.
“We and the Swiss company are currently running implementation projects of the Temenos Globus in Bucharest at MISR Romania Bank and in Kishinev, at Moldova Agroindbank,” Hilde Corbu, Logimax general manager told Ziarul Financiar.