Swiss banking software firm Temenos has concluded the previously announced takeover of US-based digital banking SaaS company Kony for $559m.

The deal, which was first announced last month, also includes an earn-out payment of $21m.

The acquirer noted that the takeover of Kony will strengthen its business in the US and provide digital expertise.

Temenos plans to leverage Kony’s Digital Banking Experience (Kony DBX) to boost its digital banking product Temenos Infinity.

Kony DBX includes a suite of mobile banking apps that support conversational interfaces, artificial intelligence, augmented reality, and wearable technologies.

Temenos CEO Max Chuard said: “The acquisition of Kony is highly strategic. It will allow us to grow both our US and our digital front office business faster, while being highly accretive and synergistic to the rest of our business.

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“We are acquiring a digital front office product that has already been successful in the US market and is connected to most third party cores.”

As per the terms of the transaction, Kony chairman and CEO Thomas Hogan has been named as president of Temenos North America. He will also join Temenos’ executive committee, with immediate effect.

Additionally, 1500 employees of Kony have been absorbed by Temenos, as per the agreement.