Deal: Norton Rose Fulbright has advised Australian-founded Avoka on its acquisition by Swiss Exchange listed Temenos AG.
Value: $339 million
Area: M&A, Technology
Key players: NRF’s team was led by Ben Smits, with support from partners Lior Nuchi and Shaun Clyne, with senior associate Johann Spies and associate Shanil Lal.
KWM’s team was led by partner Ros Anderson, with support from senior associate Shabarika Ajitkumar and solicitors Tom Wood and Sam Hoppe. Technology experience was given by partner Patrick Gunning and solicitors Charles Davies and Sareena Oberoi, while partner Justin Rossetto advised on tax.
Deal significance: Founded in Australia in 2002, Avoka is a leader in digital customer acquisition and onboarding, according to Norton Rose Fulbright.
“Avoka currently service over 85 customers through a cloud-based SaaS model, and its award-winning technology is used in all banking sectors, including retail, corporate and wealth,” a statement from the firm described.
Temenos AG is a banking software company listed on the Swiss Exchange, with NRF noting the organisation as having a market capitalisation of over $8 billion, with more than 3,000 firms around the world relying on Temenos to support more than 500 million banking customers.
Norton Rose Fulbright said the acquisition will see the Avoka platform, ‘Avoka Transact’, integrate with Temenos’ digital front office product to provide Avoka with resources and scope to further develop on the world stage.
Completion of the deal will be subject to regulatory approval, and is expected to be complete by quarter one of 2019.
For NRF’s lead partner Ben Smits, he said the firm is “proud to have supported Avoka on its legal affairs for many years and have looked on in admiration as they have built this amazing business.”
“This transaction embraced several very interesting concepts, and the manner in which the many Avoka institutional and executive stakeholders coordinated and executed such an excellent competitive process is testimony to their strengths,” he noted.
The firm’s global head of technology and innovation, Nick Abrahams also commented on the deal, and said “Avoka is another great example of an Australian tech company becoming a leader on the world stage.”
“We are pleased to have provided legal support to Avoka over many years, initially from our Sydney office and then from six of our offices globally as Avoka expanded its international footprint,” he expressed.
KWM’s lead partner 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.”