Vencora has expanded its presence in Australia with the acquisition of Data Action (DA), a provider of core and digital banking solutions.
The deal is Vencora’s initial purchase of an Australian banking technology firm and expands the company’s footprint in the region, complementing its existing insurance technology business, SSP.
Data Action was established in 1986 through a collaboration of eight local credit unions and is headquartered in Adelaide, South Australia.
The company offers a comprehensive range of solutions to financial institutions across the country.
It caters to a diverse clientele, which includes customer-owned banks, credit unions, challenger banks, and financial services membership organisations.
Currently, DA serves as a banking platform for challenger banks, managing more than five million customer accounts throughout Australia.
Operating nationally, Data Action employs staff in major cities such as Adelaide, Sydney, Melbourne, and Brisbane.
Vencora portfolio manager Ateet Patel said: “We are thrilled to welcome DA to Vencora. As a trusted technology partner to many of Australia’s challenger banks and financial institutions, DA brings a strong track record of innovation, and we’re excited to support the continued success and growth of DA and their clients.
“DA’s core and digital banking solutions, along with its technology services, perfectly complement our existing ecosystem, and today’s acquisition demonstrates Vencora’s strengthening position within Australia and the global banking technology industry.”
With this acquisition, Data Action becomes the 18th brand under the Vencora umbrella.
The company will retain its brand identity and continue to function independently, while also benefiting from Vencora’s industry knowledge and best practices.
In 2023, Vencora acquired Quarzo Tecnología, which specialises in software solutions for employee associations, savings funds, mutual funds, and cooperatives in Central America.
Established in 1995, Quarzo is based in San Jose, Costa Rica. Its software, CODEAS, offers over 55 modules designed to automate and manage administrative, financial, accounting, and customer service functions.
“Vencora buys Australian banking technology firm Data Action” was originally created and published by Retail Banker International, a GlobalData owned brand.
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