Davis Polk advised Temenos AG in connection with its £12 million acquisition of Logical Glue Limited, a SaaS-based, patented, explainable AI platform to accelerate its AI roadmap and expertise.
Listed on the Swiss Stock Exchange since 2001, Temenos is a provider of core banking software and solutions to banks and other financial institutions worldwide. Headquartered in Geneva with 64 additional offices worldwide, Temenos software services more than 3,000 firms across the globe, including 41 of the top 50 banks. Logical Glue is a London-based provider of a patented, award-winning explainable AI platform with financial clients in the United Kingdom and Europe. It was co-founded in 2012 by Professor Hani Hagras, who is an award-winning, global expert in Fuzzy Logic and XAI systems and the most highly cited researcher in the area of XAI.
The Davis Polk corporate team included partner Will Pearce and associate Fiona Tregeagle. Partner Jonathan Cooklin and associate Rosie Upstill provided tax advice. All members of the Davis Polk team are based in the London office.