Banking software company Temenos has completed the acquisition of Avoka, a US-based provider of digital banking transformation solutions.
Temenos agreed to acquire 100% of the issued share capital of Avoka for $245m early this month. Temenos funded the deal through cash and debt.
The deal is expected to further bolster the Temenos Digital Front Office product, which has over 300 banking clients.
As per the agreement, the Avoka platform will be merged with the Temenos Digital Front Office product, offering lender with a single platform for their omni-channel digital banking needs.
Founded in Australia, Avoka has more than 85 clients that are mainly served through a SaaS model hosted on the cloud. It serves all main banking segments such as retail, corporate and wealth.
The acquired firm employs more than 270 people and has offices across the US, UK and Australia.
Avoka platform is particularity designed for creating omni-channel customer acquisition and on boarding solutions.
It is claimed that Avoka clients increased new account opening by 60% and shortened customer time to onboard by nearly 70%.
In 2018, Avoka’s total revenue rose by approximately 30% and is expected to grow at the same rate next year as well to reach approximately $50m, with 50% of total revenue from recurring SaaS product revenues.