Banking systems provider, Temenos Group, has signed a definitive agreement to acquire 100 per cent of the shares in ACTIS.BSP Germany for $19 million in cash.

ACTIS.BSP is a fully owned subsidiary of Flexible Management a Germany-based provider of core banking and securities solutions.

The transaction is expected to generate an internal rate of return in excess of 20 per cent, and to be EPS neutral for 2007.

The transaction will contribute approximately $20 million of revenues to Temenos over the next 12 months.

The acquisition will provide Temenos with an effective route to market in Germany and an additional client base of over 30 financial institutions, along with the expertise of ACTIS.BSP’s 144 staff.