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News

Temenos acquires Kony for USD 559 mln

Thursday 29 August 2019 13:05 CET | News

Temenos has agreed to acquire Kony, a US-based digital banking software-as-solution (SaaS) company, according Sharon Kimathi from FinTech Futures.

 

The acquisition will enhance Temenos’ scale and capabilities in the US and adds significant digital expertise.

The banking software company agreed to purchase Kony for an enterprise value of USD 559 million and an earn-out of USD 21 million, to be funded through cash and debt, subject to regulatory approvals.
Kony has achieved growth with both top tier and mid-market banks in the US and internationally with its Kony digital banking experience product (Kony DBX). With 1,500 employees the SaaS company has been helping banks transform the experience for their clients with digital banking applications and its development platform, all of which are served through a cloud hosted SaaS model.

The transaction is due to be completed by early Q4 2019 and is subject to customary regulatory approvals.

 


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Keywords: Temenos, Kony, acquisition, digital banking, B2B, core banking, digital
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