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Temenos to Acquire Kony in $559 Million Deal

"The acquisition of Kony, the U.S. #1 digital banking SaaS company, is highly strategic and will allow us to grow ..."

Fintech acquisition announced. Fintech acquisition announced. (Source: Shutterstock)

Two organizations serving credit unions head to a deal. Switzerland-based banking software company announced an agreement to acquire Austin, Texas digital banking SaaS firm Kony. The acquisition enhances Temenos’ U.S. scale and capabilities.

Geneva-based Temenos, which has its U.S. headquarters in Malvern, Pa., said the acquisition adds significant digital expertise and accelerates Temenos Infinity, their digital front office product, which has over 500 banking clients. 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. Temenos has agreed to purchase Kony for an enterprise value of $559 million and an earn-out of $21 million, subject to regulatory approvals.

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Roy Urrico

Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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