Temenos has announced it has agreed to acquire Avoka, a purpose-built platform that creates omni-channel customer acquisition and on boarding solutions for banks.
The acquisition helps strengthen the Temenos Digital Front Office product which currently has over 300 banking clients and will integrate itself with the Avoka platform.
Temenos’ chief financial officer and chief operation officer Max Chuard said the decision to acquire Avoka was strategic for the company.
“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,” he said.
Mr Chuard said the platform was a market leader and by acquiring it Temenos was able to offer banks a faster route to a seamless digital experience.
“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,” he said.
Avoka currently serves more than 85 customers across key banking segments including retail, corporate and wealth, with many of its customers being top and mid-tier banks in Europe, Australia and the US.
The omni-channel helps banks to create simple customer-friendly experience that improve conversion rates, with one top-tier bank increasing new account openings by 60 per cent.
Avoka’s chief executive officer Philip Copeland said that the platform would be enabled to grow through joint leadership from Australia and Temenos.
“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,” he said.
The deal will be completed by early 2019 after being subject to regulatory approvals.
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).