American technology company Kony has reached an agreement to acquire Pivotus, the innovation subsidiary of Umpqua Holdings. Umpqua Holdings is the parent company of Umpqua Bank.
Pivotus was established in 2015 by Umpqua as an innovation incubator to develop, test, and deliver new banking solutions for Umpqua and its partner financial institutions also.
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The deal is expected to bolster Kony’s position in high-growth digital banking market. However, financial terms were not released.
All change
Kony chairman and CEO Thomas Hogan said: “Our partnership with Umpqua, combined with the talented Pivotus employees and the innovative technologies they’ve developed, is a landmark combination that will deliver high impact solutions for financial institutions around the globe.
“Umpqua is widely recognised for their innovative approach to leveraging digital to enhance and deepen the customer experience. The Pivotus team and assets will extend and accelerate Kony’s market leading portfolio for digital banking. We couldn’t be more proud or thrilled to join forces.”
Upon completion of the transaction, Pivotus will also become part of the Kony DBX business. In addition, the Pivotus Engage solution will be re-branded as Kony DBX Engage.
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By GlobalDataThe acquirer also said that it will also cooperate with Umpqua to continue developing the Engage platform, which was unveiled by Pivotus earlier this year.
Engage allows financial organisations to provide a unique, more human customer experience in a digital banking environment.
