Swiss banking software firm buys Avoka
Swiss provider of banking software, Temenos, has announced the acquisition of Australian/ US fintech specialist, Avoka, for US$245 million, subject to regulatory approvals.
The move would be expected to strengthen the Temenos digital front office product while the Avoka platform would be integrated into its product.
The acquisition would also help expand capabilities of Temenos’ products by including origination, channels, analytics, payments, risk and compliance and real-time event based marketing services all of which could be deployed either on premise or in the cloud, the firm said.
Avoka, which was founded in Australia, has more than 85 customers that are largely served through a SaaS model hosted on the cloud, and serves all key banking segments including retail, corporate and wealth.
The firm also managed to grow its client base which now includes mostly top tier and mid-market banks with clients in Europe, Australia and US.
Max Chuard, Chief Financial Officer and Chief Operating Officer, Temenos, said that this was a strategic acquisition for his company which would be expected to further strengthen its position within the digital front office space in the US market where he sees significant traction as banks accelerated their digital transformation plans.
“The combination of Avoka’s capabilities along with the extensive Temenos Digital Front Office product offers banks the most complete set of services which through APIs can be easily integrated either with the market leading Temenos T24 Core Banking product or as a standalone on a third party banking system,” he said.
“These are truly exciting times and we look forward to offering banks a faster route to creating seamless digital customer experiences”.
AUTHOR
Oksana Patron
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
