Swiss company buys Australian-founded fintech vendor with KWM’s help

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King & Wood Mallesons (KWM) has continued its work in Australia for a Swiss client with a US$245m deal.

The global giant advised listed banking software company Temenos AG on its acquisition of Australian-founded Avoka. Headquartered in the US, Avoka provides a digital customer acquisition and on-boarding platform. It will be integrated into Temenos’ Digital Front Office product.

The deal will be funded by cash and debt, KWM said. Partner Ross Anderson headed the KWM team. He was supported by senior associate Shabarika Ajitkumar and solicitors Tom Wood and Sam Hoppe.

Partner Patrick Gunning and solicitors Charles Davies and Sareena Oberoi provided technology expertise. Partner Justin Rossetto handled tax matters.

KWM was also Temenos’ legal counsel when it acquired Rubik Financial in 2017.

“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,” Gunning said.