Geneva-based core banking software provider Temenos has agreed to acquire Austin-based digital banking platform Kony for $559m. The acquisition enhances Temenos' scale and capabilities in the U.S
Temenos (SIX: TEMN), the banking software company, today announced that it has agreed to acquire Kony Inc, the fast growing US #1 digital banking SaaS company. The acquisition significantly enhances Temenos’ scale and capabilities in the US, adds significant digital expertise and accelerates Temenos Infinity, the breakthrough digital front office product, which has over 500 banking clients and is recognized as a leader by top analyst houses such as Forrester, Gartner, Ovum and IDC. Thomas E. Hogan, Chairman and CEO of Kony, will become President of Temenos North America and join Temenos’ Executive Committee, effective on the acquisition closing date. Temenos has agreed to purchase Kony for an enterprise value of USD 559 million and an earn-out of USD 21 million, subject to regulatory approvals.