Swiss-based financial technology company Temenos has made a £27.2 million ($53.9 million)  cash offer for UK rival Financial Objects which has been accepted.

Temenos says that it believes that the combination of Temenos and Financial Objects will enhance its position as an international leading company in the banking software industry and that the enlarged group will be better placed to take advantage of this fast growing market.
 
It also says that the acquisition will create significant value for its shareholders as it brings together two companies with an excellent strategic fit and complementary skills, giving rise to significant synergies, cost savings and cross-selling opportunities.

The offer price represents a premium of 90 per cent over last night’s Financial Objects closing price of 31.5 p.

Commenting on the acquisition, Andreas Andreades, chief executive of Temenos said: "The acquisition of Financial Objects enhances our position as a leading international vendor of core banking systems.  Combining the two companies will create a group with greater critical mass, a larger installed base and access to a deeper pool of skills, which in turn will enable it to serve all customers better and generate superior value for shareholders."