Andreas Andreades Extends his role as Temenos interim CEO beyond 2023 while the company Searches for its next Leader

Temenos, a provider of banking software, has reported robust growth in its software licensing segment and raised its full-year projections. Simultaneously, the search for a new CEO is still underway.

During the third quarter, Temenos generated $236.7 million in revenue, reflecting an 11 percent increase. The software licensing division experienced notable growth, surging by 25 percent to reach $95.7 million, according to a statement released by the company on Tuesday. Furthermore, the company announced that the quest for a new CEO will extend into the next year, with the current interim CEO agreeing to prolong their role.

Temenos also saw an improvement in its adjusted EBIT, which rose to $59.8 million, a 46 percent increase. This improvement led to a six-percentage-point increase in the margin, reaching 25.2 percent. Earnings per share also saw substantial growth, climbing by 61 percent to $0.61.

The company’s free cash flow witnessed a remarkable upswing, increasing by nearly 500 percent to $28 million compared to the previous year, which had been one of Temenos’ lowest cash quarters.

The full-year outlook is now more optimistic, with EBIT anticipated to grow by a minimum of 8 percent, surpassing the previous projection of 7 percent. Earnings per share are expected to increase by a minimum of 7 percent, up from under 6 percent. The target for recurring revenue growth has also been revised upwards, now aiming for 13 to 15 percent instead of the previous range of 12 to 14 percent.

In terms of leadership, the search for a new CEO is ongoing. Andreas Andreades has agreed to extend his role as interim CEO beyond 2023. The initial expectation was to fill the CEO position by the end of this year. A consulting firm is currently collaborating with the board to evaluate both internal and external candidates.

Andreades took over the role of CEO after Max Chuard, the long-serving CEO, unexpectedly resigned in January. Prior to that, Andreades had stepped down as chairman, with Thibault de Tersant assuming the position of deputy chairman.

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