Swiss financial services software provider Temenos has announced that it had purchased TriNovus, a U.S.-based compliance technology firm, as it expands its local expertise and product range.

The Swiss company expects the acquisition to provide $17 million of contracted revenue backlog and 5 percent to 10 percent of group revenues within the next 3 years.

Temenos said that it would combine its cash reserves and treasury shares to fund the acquisition.

On the other hand, TriNovus said in a statement in its website that it achieved dramatic growth in the earlier year but did not indicate details on revenue and profit.

The acquisition of TriNovus is an addition to 800 institutional clients to Temenos' customer base in the U.S.