KWM advises Temenos on acquisition of Australian-founded customer on-boarding platform, Avoka Technologies

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King & Wood Mallesons (KWM) has advised Swiss-listed banking software company Temenos AG (SIX:TEMN) on their acquisition of US-headquarted Avoka.

Avoka, the provider of a digital customer acquisition and on-boarding platform, will be integrated into Temonos' Digital Front Office Product, strengthening its omni-channel digital banking offering.

The transaction will be funded by a combination of cash and debt and is worth USD245 million.

The cross-practice KWM deal team was led by Partner Ros Anderson, who was supported by Senior Associate Shabarika Ajitkumar, and Solicitors Tom Wood and Sam Hoppe. Technology expertise was provided by Partner Patrick Gunning and Solicitors Charles Davies and Sareena Oberoi, and Partner Justin Rossetto advised on Tax.

Commenting on the deal, Ros Anderson said: "We are delighted to have worked with Temenos again on their next strategic acquisition in Australia to expand their digital banking offering while also providing significant growth opportunities." 

The transaction follows the firm's role in advising Temenos on its scheme for the acquisition of Rubik Financial last year.

"Temenos have now acquired two software businesses founded in Australia. For KWM, it has been great to be involved in both transactions since they showcase the value that can be generated by the Australian technology sector," said Patrick Gunning.