Willkie represented Kony Inc., the fast growing U.S. #1 digital banking SaaS company, in its acquisition by Switzerland-based banking software company Temenos.
On August 28, it was announced that Switzerland-based banking software company Temenos (SIX: TEMN) has agreed to acquire Willkie client Kony Inc, the fast growing U.S. #1 digital banking SaaS company. Temenos has agreed to purchase Kony for an enterprise value $559 million and an earn-out of $21 million, subject to regulatory approvals.
Kony has achieved rapid growth with both top tier and mid-market banks in the U.S. and internationally with its Kony Digital Banking Experience product (Kony DBX). The acquisition significantly enhances Temenos’ scale and capabilities in the U.S., adds significant digital expertise, and accelerates Temenos Infinity -- the breakthrough digital front office product, which has over 500 banking clients and is recognized as a leader by top analyst houses.
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.
Based in Austin, TX, Kony is a leader in digital experience development platforms and the emerging low-code platform market, and in digital banking. Based in Geneva, Temenos is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers.
The Willkie deal team was led by partners Thomas Mark and Ziyad Aziz.