Temenos (SIX: TEMN) announced on Friday it has completed its acquisition of Avoka. The company previously announced it was acquiring the Australia-based SaaS vendor to further strengthen its Temenos Digital Front Office product, which has more than 300 banking clients and has been recognized as a leader by top analyst houses such as Forrester and Ovum.
Temenos also reported that through the acquisition, the Avoka platform will be integrated with the Temenos Digital Front Office product, providing banks with a comprehensive single solution for their omni-channel digital banking needs. It was revealed:
“Avoka has more than 85 customers that are largely served through a SaaS model hosted on the cloud and serves all key banking segments including retail, corporate and wealth. Founded in Australia, its customer base has grown most rapidly with both top tier and mid-market banks with clients in Europe, Australia, and the US. With over 270 employees in offices across the US, UK, and Australia, Avoka is purpose-built for creating omni-channel customer acquisition and onboarding solutions that enable banks to create simple customer-friendly experiences that improve conversion rates.”
Avoka has notably more than 85 customers that are largely served through a SaaS model hosted on the cloud and serves all key banking segments including retail, corporate and wealth. Temenos has acquired 100% of the issued share capital of Avoka for $245 million and the acquisition was funded through cash and debt. Avoka’s total revenue grew c.30% in 2018 and is expected to grow at the same rate in 2019 to reach $50 million, with 50% of total revenue from recurring SaaS product revenues.