Geneva-based financial software firm Temenos Group has sold its Odyssey Investment Manager assets to Tradar, a technology firm specialising in portfolio management, for an undisclosed sum.

Temenos bought Odyssey Group, the Luxembourg-based business, for $81 million in October last year. Odyssey IM contributed $2 million of revenues to the Odyssey Group in 2010.

“Odyssey IM was a largely independent and sub-scale unit within the Odyssey Group,” Max Chuard, director of merger and acquisitions at Temenos, said in statement. “We viewed the business as non-core to the overall Temenos operations and believe that it has a better fit with its new owner. This disposal will free up management time to focus on core banking market.”

Earlier this week, Temenos said that it logged a 22 per cent rise in second-quarter revenues of $122.5 million compared with the second quarter last year, while adjusted earnings before interest and tax stood at $23.7 million, a rise of 31 per cent year-on-year.