Swiss company acquires Avoka for $245M

BROOMFIELD — Avoka, an Australian banking-software company whose U.S. headquarters is based in Broomfield, has sold to a Swiss company for $245 million.

Temenos (SIX: TEMN), based in Geneva, has agreed to purchase Avoka, including the Avoka (USA) Inc. Broomfield subsidiary. Avoka provides customer-acquisition and onboarding software to financial-services, government and other clients.

The purchase is subject to regulatory approvals and is expected to close in the first quarter of 2019.

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Avoka has more than 85 clients that are mainly served through a software-as-a-service model, serving the retail, corporate and wealth-management sectors of the banking industry. The company has 270 employees in the United States, the United Kingdom and Australia.

The Avoka platform will be integrated with the Temenos Digital Front Office product, providing banks with a comprehensive single solution for digital banking needs, according to a company press release.

“By combining our strengths with Temenos’ expertise and reach, we will expand our scope and scale to deliver winning omni-channel, digital experience solutions to banks globally,” Phillip Copeland, CEO of Avoka, said in a written statement. “The combination of Temenos and Avoka is an excellent fit for our customers and employees and will catapult our growth to the next stage.  Together, with the leadership on both sides, we are committed to the group’s future success.”

Max Chuard, Temenos’ chief financial officer and chief operating officer, said, “This is a highly strategic acquisition for Temenos as it not only reinforces our leadership position within the Digital Front Office space but it also strengthens our capabilities in the US market where we are seeing significant traction as banks accelerate their digital transformation plans. Avoka is a market leader and is experiencing strong growth as banks invest in creating outstanding customer acquisition and onboarding experiences.”

Avoka’s Broomfield operation is located at 385 Interlocken Crescent, Suite 1050.