Switzerland-based banking software company Temenos has completed the acquisition of Kony, a US-based digital banking SaaS company, to further accelerate its digital banking product Infinity.
In August, Temenos agreed to purchase Kony for an enterprise value of $559m (£454m) and an earn-out of $21m (£17m), subject to regulatory approvals.
Temenos chief executive officer Max Chuard said: “The acquisition of Kony, the US #1 digital banking SaaS company is highly strategic and will allow us to grow both our US and our digital front office business faster, while being highly accretive and synergistic to the rest of our business.
“We are acquiring a digital front office product that has already been successful in the US market and is connected to most third party cores. We are also adding a significant amount of exciting functionality and ease of generating customer journeys and experiences that will accelerate Temenos Infinity, providing banks in both North America and internationally with an unrivalled customer experience and omnichannel banking product.”
Kony acquisition would enhance scale and capabilities of Temenos in US
Temenos said that the acquisition would add digital expertise and accelerate its digital front office product Infinity, which has over 500 banking clients. Infinity is recognised by top analyst houses including Forrester, Gartner, Ovum and IDC.
With 1,500 employees and deep expertise in digital and cloud technologies, Kony has developed a Digital Banking Experience product, dubbed Kony DBX and has obtained growth in top and mid-market in the US and across the world.
In addition, the DBX product includes a suite of mobile banking apps delivering omnichannel experiences including support for conversational interfaces, artificial intelligence, augmented reality, and wearable technologies.
As part of the transaction, Kony chairman and CEO Thomas E Hogan is appointed as president of Temenos North America and joined to the Executive Committee in Temenos.
Thomas E Hogan said: “I could not be more excited about joining Temenos and the combined value we will bring to financial institutions around the world. The power of the Temenos portfolio, combined with Kony’s digital banking applications and multi-experience development platform, will bring the industry’s most robust suite of applications for delivering service, value, and efficiencies from the digital edge to the modern core.
“The strength, scale, and commitment of Temenos will also help protect and extend our market-leading innovation. On behalf of the 1,500 talented Kony employees, we are proud and excited to join forces with Max Chuard and the equally talented men and women at Temenos and I am personally very proud to become the President of Temenos North America.”