Temenos is to buy Kony for an enterprise value of $559m and an earn-out of $21m, to be funded through cash and debt, subject to regulatory approvals.
The acquisition enhances Temenos’ scale and capabilities in the US, adds significant digital expertise and accelerates Temenos Infinity, the company’s digital front office product covering all banking verticals offering customer acquisition and onboarding, omnichannel banking, customer retention and marketing, and modules supporting payments, wealth advisor, financial crime, risk and compliance and analytics, which has over 500 banking clients.
Temenos Infinity can be delivered on-premise, in any cloud or as a SaaS offering and has 700 published APIs for third-party integration.
Led by Max Chuard, Chief Executive Officer, Temenos is a provider of banking software, partnering with banks and other financial institutions to innovate their businesses in a changing marketplace. The company delivers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products.
Over 3,000 banks across the globe, including 41 of the top 50 banks, use its products to process both the daily transactions and client interactions of more than 500 million banking customers.
Led by Thomas E. Hogan, Chairman and Chief Executive Officer, Kony is a provider of digital experience development platforms. This include:
– Kony Quantum, which is a low-code app development platform that delivers rich digital experiences.
– Kony DBX, which is the banking and financial services arm of Kony, Inc. a globally recognized leader in digital banking transformation.
The company’s total revenue is expected to reach c.USD 115 million in 2020, and is expected to be accretive to Temenos growth from 2020.
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.