Temenos acquires SaaS vendor Avoka for $245m
Temenos will acquire Software-as-a-Service (SaaS) vendor Avoka for $245 million as it looks to reinforce its digital powers.
Temenos has over 300 banking clients and the Avoka platform will be integrated with its Digital Front Office product, for “omni-channel digital banking needs”.
Avoka platform will be integrated with its Digital Front Office product
According to Temenos, its front office product includes origination, channels, analytics, payments, risk and compliance and real-time event based marketing services all of which can be deployed either on premise or in the cloud.
Avoka has more than 85 customers that are largely served through its SaaS model hosted on the cloud, and operates in various banking segments including retail, corporate and wealth.
Founded in Australia, its customer base has top tier and mid-market banks with clients in Europe, Australia and US. Some recent customer deals reported on include First Tech FCU and Alpine Bank.
Avoka has over 270 employees in offices across the US, UK and Australia. Temenos doesn’t mention any job cuts due to this acquisition.
Temenos has had another lively year and is doing pretty well.
Recent examples include improving its cloud capabilities via a minority investment in distributed SQL database provider NuoDB; and partnering with Shanghai Pudong Development Bank (SPD Bank) to establish an innovation lab in Shanghai.
And not forgetting our report in May, when Temenos said it was keen to make it a success in the US, and was looking for more acquisitions to complement its existing offering to the US market. With Avoka having offices in the US, that may help.
