Swiss banking software firm buys Avoka

Avoka temenos financial planning buy fintech

13 December 2018
| By Oksana Patron |
image
image
expand image

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”. 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 7 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 5 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 8 hours ago