Australian SaaS vendor Avoka acquired by banking software vendor Temenos for $340 million

Australian customer acquisition software vendor Avoka has been acquired by banking software company Temenos for US$245 million (A$340 million).

Avoka’s platform will be integrated with Temenos’ Digital Front Office offering, adding to the multi-solution platform marketed to banks.

“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,” Avoka chief executive Philip Copeland said.

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.”

Temenos’ Digital Front Office offers origination, channels, analytics, payments, risk and compliance and real-time event based marketing services in a singular platform, which can be deployed either on-premises or in the cloud.

As part of the deal, Temenos will also take Avoka’s 85 customers and 270 employees across Australia, the US and the UK.

The acquisition is set to finalise in the first quarter of next year and is subject to regulatory approvals.

“This is a highly strategic acquisition for Temenos as it not only reinforces our leadership position within the Digital Front Office space but it also strengthens our capabilities in the US market where we are seeing significant traction as banks accelerate their digital transformation plans,” Temenos chief operating officer Max Chuard said.

“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.”