A proposed merger between banking software rivals Misys and Temenos has been called off after the companies failed to agree detailed terms of the deal.
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The two companies agreed to broad terms for a possible merger last month, but Temenos announced today that "no agreement has been reached on the final terms of a transaction.
"Temenos confirms that discussions between the two parties have now been terminated," the Swiss company said, although it left open the possibility that it might re-enter merger talks.
After Temenos and Misys announced their possible merger, it was reported that Misys had received offers from a number of private equity firms.
Last year, US financial services and software provider Fidelity National Information Services walked away from a possible Misys acquisition. The Bloomberg news agency reported that the companies could not agree on the acquisition price.
After it announced the preliminary talks with Temenos, Misys revealed that CEO Mike Lawrie was leaving to join troubled IT services provider CSC as its new chief executive and president. At the time, the plan was for Temenos CEO Guy Dubois to become CEO of the merged company. Since then, general counsel Tom Kilroy has been the company’s interim CEO.
Misys is the UK’s second largest independent software vendor behind finance and accounting supplier Sage.
