Kony has agreed to acquire the assets of Pivotus, a digital banking solution developer.
Pivotus is the innovation subsidiary of Umpqua Holdings, the parent company of Oregon-based regional bank Umpqua.
Through this acquisition, Kony will acquire expertise and capabilities to improve its digital banking applications and platform.
Kony will also collaborate with Umpqua to further the development of the Engage platform, which Pivotus released earlier in the year. The solution allows financial institutions to offer more human customer experience through a digital bank.
Following the deal, Pivotus will become a part of Kony DBX and the Engage solution will be rebranded to Kony DBX Engage.
Kony is a digital application developer which designs solutions for mobile app support, mobile backend infrastructure and enterprise mobility. Kony DBX is the company’s digital banking and financial services development division which aims to improve the banking and lending space.
The company builds solutions for digital banking, retail banking, consumer lending, business banking, onboarding and digital wallets.
Kony chairman and CEO Thomas E. Hogan said, “Our partnership with Umpqua, combined with the talented Pivotus employees and the innovative technologies they’ve developed, is a landmark combination that will deliver high impact solutions for financial institutions around the globe.
“Umpqua is widely recognized for their innovative approach to leveraging digital to enhance and deepen the customer experience. The Pivotus team and assets will extend and accelerate Kony’s market leading portfolio for digital banking. We couldn’t be more proud or thrilled to join forces.”
Earlier in the year, Kony completed a strategic partnership with digital money solution company Payveris. The partnership will enable banks and credit unions to access differentiated money movement opportunities across all platforms.
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