Temenos acquires digital banking SaaS company Kony for $559 mn

Max Chuard, CEO, Temenos

Temenos is all set to acquire the US-based digital banking SaaS company, Kony for an enterprise value of $559 million, in a bid to scale and enhance its capabilities across the USA. The acquisition is expected to add to the supplier’s digital expertise and enhance its digital front office product, Temenos Infinity.

Max Chuard, Chief Executive Officer, Temenos, 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. I am also extremely excited to welcome Tom Hogan to join our Executive Committee as the President of Temenos North America.”.

According to the supplier, the Kony acquisition will strengthen Temenos’ Infinity, 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. All of Kony’s customers are expected to benefit from the supplier’s investment.

Thomas E. Hogan, Chairman and Chief Executive Officer, Kony, Inc., said, “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.”

Established in 2007 in Texas, Kony is a digital experience development platform. It includes Kony Quantum, a low-code app development platform and Kony DBX, banking and financial services arm of Kony. The platform aims to assist banks to enhance client experiences in their digital banking applications.

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