Temenos names new CEO, says sales hit by Hindenburg report
Adds details on CEO change in paragraph 2, subscription deal revenue in paragraph 4, quotes from earnings call in paragraphs 5, 8-10
By Chiara Holzhaeuser and Louis van Boxel-Woolf
April 23 (Reuters) -Temenos TEMN.S reported first-quarter total software licensing revenue of $84 million on Tuesday, falling short of estimates, and announced the appointment of Jean-Pierre Brulard as chief executive.
Brulard, whose appointment will be effective May 1, will replace interim CEO Andreas Andreades, who was repeatedly put under pressure to step down by activist shareholder Petrus Advisers.
Total licensing revenue in the first quarter came inbelow theconsensus estimate of $100.2 million compiled by the Swiss banking software group, with subscription sales down 41% year-on-year.
Analysts had expected subscription deal revenue of $36.7 million for the quarter, but Temenos posted a figure of $20.1 million.
Temenos said in a statement that allegations of accounting irregularities madeby Hindenburg Research in a February report hadled to delays in client decision-making and a "temporary lengthening" of its sales cycles.
Hindenburg has a short position in Temenos and so stands to profit from a decline in itsshare price.
A special committee appointed by Temenos, which included outside accountants and lawyers, last week called Hindenburg's allegations "incorrect and misleading", sending the firm's sharesup 20% in a single day.
Chief Financial Officer Takis Spiliopoulos told analysts on an earnings call that he expects a "substantial" part of the subscriptions miss to be recovered in the second quarter "and maybe some in Q3".
The company's tendency to sign a smaller number of "big -ticket" deals meant the delay of "a few larger ones" has a substantial impact on revenue, Spiliopoulos said on the call.
Temenos confirmed its guidance for 2024.
Reporting by Chiara Holzhaeuser and Louis van Boxel-Woolf; Editing by Alison Williams, Alexander Smith and Leslie Adler
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