Banking software company Temenos has acquired a minority stake in enterprise-class distributed SQL database provider NuoDB to accelerate its next generation open cloud capabilities.

The companies did not disclose the financial details of the deal. Along with the stake, the companies also signed a technology partnership agreement.

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Details of technology partnership:

Under the partnership, NuoDB will supply new cloud & container-native database technologies to bank that are able to run the Temenos banking software products.

The collaboration is expected to offer the clients the benefits of scale, resilience and availability in the cloud.

Temenos expects that the technology delivered to Temenos SaaS solutions and Temenos cloud platform will ensure better performance to the client. It will help to bank to increase their processing capacity as well as ensure better scalability.

Furthermore, it will also ensure better availability of across data centres, geographies and cloud platforms.

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Temenos chief operating & financial officer Max Chuard said: “We are continuously investing in the development of our leading digital banking platform and ensuring that our software is built for the cloud.

“This investment and partnership demonstrates our strong belief in NuoDB’s strategy and technologies for next generation cloud based technologies.

“Our partnership with NuoDB is strategic and strengthens our commitment to ensuring that our banking clients running Temenos software benefit from scale-out simplicity, elasticity and continuous availability and that they can ultimately maximise the benefits of their shift to the cloud.”

With most of the banks transferring their banking applications to the cloud, the collaboration aims to help its clients realise significant operational cost savings.

Additionally, the partnership is expected to simplify migration of critical banking applications to the cloud.