Mid-sized Australian banking technology company Avoka is to be acquired by Geneva-headquartered banking software company Temenos for US$245 million, funded through cash and debt.Avoka was founded in the Sydney beachside suburb of Manly in 2002. It has since grown into an enterprise with a customer list that includes "numerous" Australian and global banks, mostly mid-tier, that are served through a SaaS model hosted on the cloud. The firm has more than 270 employees, working out of offices in Sydney, Denver, and London.Temenos has been gaining a toehold in the Australian market through supplying new core banking systems to emerging financial services players such as Goldfields Money, volt and Archa.The companies said the acquisition strengthens the Temenos Digital Front Office product, which has over 300 banking clients. The Avoka platform, with customer acquisition and onboarding capabilities, will be integrated with the Temenos Digital Front Office product, providing what the parties have dubbed "a comprehensive single solution for omni-channel digital banking needs".Avoka offers plug and play integration via open APIs to a catalogue of third-party fintech services as well as customer relationship management tasks, fraud detection, risk, identity verification and an analytics platformsMax Chuard, the chief financial officer and chief operating officer at Temenos, said the deal will be "a highly strategic acquisition for Temenos" as it strengthens his company's capabilities in the US market, "where we are seeing significant traction as banks accelerate their digital transformation plans." In a media release announcing the deal, Temenos said Avoka's total revenue grew by around 30 per cent in 2018 and is expected to grow at the same rate in 2019 to reach about US$50 million, with 50 per cent of total revenue from recurring SaaS product revenues.Temenos said the acquisition "is expected to be non-IFRS EPS neutral in 2019, accretive from 2020 and to achieve group margin within two years".The transaction is due to be completed by early 1Q 2019, subject, of course, to both parties gaining regulatory approvals.