Banking software firm Temenos has acquired its US competitor Kony, paying at least $559 million.

Kony is a ‘software as a service’ firm best known in its home market for its DBX product, which allows its clients to implement various applications for banking customers, and supports new technologies such as artificial intelligence, augmented reality, and wearables.

It is hoped that DBX will be able to be integrated with Temenos’s own front office product, Temenos Infinity, used by more than 500 banking and wealth firms, Temenos said in a statement.

“Kony’s banking clients have been able to transform th...