Swiss banking software company Temenos has agreed to acquire US-based Avoka, a provider of digital customer acquisition and onboarding services, for $245m.
The Swiss company said that the acquisition of Avoka strengthens its Temenos Digital Front Office product further.
The front office product of Temenos, which is being used by more than 300 banking clients, will be integrated with the Avoka platform to offer banks a comprehensive single solution for addressing their omni-channel digital banking requirements.
Avoka will help Temenos continue to add innovative capabilities to its Digital Front Office product. Included in these are origination, channels, analytics, risk and compliance, payments, and real-time event-based marketing services, which are all deployed on-premise or in the cloud.
Temenos chief financial officer and chief operating officer Max Chuard said: “Avoka is a market leader and is experiencing strong growth as banks invest in creating outstanding customer acquisition and onboarding experiences.
“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.”
Founded in Australia in 2002, Avoka serves over 85 customers through a SaaS model hosted on the cloud. The company caters to all major banking segments such as retail, corporate and wealth.
Avoka, which has a workforce of more than 270 people in the US, UK, and Australia, is engaged in omni-channel customer acquisition and onboarding solutions that help banks create simple customer-friendly experiences, thereby enhancing conversion rates.
The company, through open APIs, provides plug and play integration to third-party fintech services. Additionally, it also offers CRM, fraud detection, risk, identity verification and analytics platforms that enable banks to accelerate their speed to market while handling compliance and risk.
Avoka CEO Philip Copeland said: “By combining our strengths with Temenos’ expertise and reach, we will expand our scope and scale to deliver winning omni-channel, digital experience solutions to banks globally.
“The combination of Temenos and Avoka is an excellent fit for our customers and employees and will catapult our growth to the next stage. Together, with the leadership on both sides, we are committed to the group’s future success.”
The transaction, which is subject to regulatory approvals, is expected to be completed by early first quarter of 2019.