Swiss banking software enterprise Temenos is expected to strengthen its position on the US market after announcing the acquisition of Kony, the American digital banking SaaS company.
The deal is planned to be completed by the final quarter of 2019. Temenos will buy Kony for $559m. The deal also includes an earnout of $21m.
Thomas E. Hogan, currently the chairman and CEO of Kony, will be appointed as the president of Temenos North America and a member of the Temenos executive committee when the deal is completed. Hogan will be tasked with driving sales in North America.
Hogan expressed his excitement about joining the Temenos team, saying it had “done a remarkable job building the acknowledged global leader in banking software.”
Max Chuard, CEO at Temenos, seemingly shared Hogan’s enthusiasm. “With the acquisition of Kony, we are not only acquiring a great digital front office product but also an impressive team of over 1,500 experts in digital and cloud,” Chuard said. “I am extremely pleased to welcome Tom Hogan to our executive committee as the president of Temenos North America. Tom is an inspirational leader with rich experience in the technology sector and I am convinced we will continue to accelerate our success in the US and Canada.”
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