Temenos, the Switzerland based banking software company has announced that it is strengthening its executive committee and North America leadership team by acquiring Kony, Inc. the fast-growing US digital banking SaaS company.
As a result of the acquisition, Chairman and CEO of Kony Thomas E. Hogan will be appointed as the president of Temenos North America and also as a member of the Temenos Executive Committee. The Temenos is likely to purchase Kony for $559 million and this acquisition will be effective from the early 4th quarter of 2019.
The deal helps Temenos in stepping up its presence and capabilities in the US. As per a new research done by Value Market Research, the digital banking market is gaining growth based on increasing support of various regulatory bodies for innovation and advancement in digital banking technologies as a result to enhance the customer experience. Apart from this, the digital banking market is also growing due to the high demand from banking to offer enhanced customer experience.
The CEO of Temenos Takis Spiliopoulos said in a conference that this acquisition is the largest and most strategic acquisition in the history of the company and this will create the richest and most technologically advanced digital banking products at the global level.
About Temenos
The company is headquartered in Geneva, is the world leader in banking software. Temenos is partnering with banks and other financial institutions for transforming their business and also for leading the changing marketplace. The company is processing daily transactions and client interactions of more than 500 million banking customers in over 3000 banks across the globe, which includes 41 of the top 50 banks.
About Kony Inc.
Kony is the fast-growing US #1 digital banking SaaS company. Kony Quantum provides a next-generation low-code app development platform that delivers rich digital experience. Furthermore, Kony DBX is an arm of Kony Inc. dealing in banking and financial services with a portfolio of modern frictionless applications.
Naira Shekhawat has been into Content Writing just after completing her Graduation in English Literature. Her love for words has won her many accolades in her respective jobs ever since. Naira covers business sections for VMR News. She is a traveller by heart and loves writing on food blogs as a freelancer.