theworks(fraud,hindeberg-research,{Temenos (SWX:TEMN) is a ~$7.5B market cap Swiss-listed banking software developer and services company that serves 3,000 customers globally and reported $1 billion in preliminary 2023 revenue. Our 4-month investigation into Temenos, involving interviews with 25 former employees, including senior leaders at the company, uncovered hallmarks of manipulated earnings and major accounting irregularities. This includes evidence of roundtripped revenue, sham partnerships, rampant pulling forward of contract renewals, backdated contracts, excessive capitalization of seemingly non-existent R&D investments, and other classic accounting red flags. These aggressive accounting practices seemed to be an open secret among many of the former employees we spoke with. Several indicated that CEO Andreas Andreades encourages the practices, which help gloss over significant customer product dissatisfaction and attrition. In October 2021, Temenos announced a strategic partnership with fintech Mbanq to “accelerate banking-as-a-service adoption across the US,” its key strategic market. According to a former Temenos executive, the deal involved Mbanq purchasing $20 million in software and services from Temenos.},Temenos,software,{https://hindenburgresearch.com/temenos/})

Note: not tradeable on IG.

https://hindenburgresearch.com/temenos-response/