GENEVA (Reuters): Temenos reported first-quarter total software licensing revenue of $84 million on Tuesday and announced the appointment of Jean-Pierre Brulard as its new chief executive.
The figure was below a consensus estimate of $100.2 million compiled by the Swiss banking software group, while overall revenue of $229.9 million also missed a $242.8 million estimate, with subscription sales down 41% on the same time last year.
Temenos said in a statement that allegations made by Hindenburg Research, which it has denied, had led to a “temporary lengthening” of its sales cycles.
Hindenburg, which has a short position in Temenos and so stands to profit from its shares falling, alleged accounting irregularities in a February report.
Temenos shares rose 20% last week after a special committee it had appointed, which included outside accountants and lawyers, called the allegations “incorrect and misleading”.
Temenos, which had previously said it hoped to replace interim CEO Andreas Andreades by its shareholder meeting on May 7, said Brulard’s appointment was effective from May 1.
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