Vencora Expands Reach in Australia with Data Action Acquisition
Vencora has made a strategic move to enhance its presence in Australia by acquiring Data Action (DA), a key provider of core and digital banking solutions. This marks Vencora’s inaugural entry into the Australian banking technology sector and complements its existing insurance technology business, SSP.
Founded in 1986, Data Action is headquartered in Adelaide and originated from a collaboration among eight local credit unions. The company has established a solid reputation, providing a range of solutions to various financial institutions including customer-owned banks, credit unions, and challenger banks. Currently, DA serves over five million customer accounts nationwide, positioning itself as a vital banking platform for challenger banks.
Ateet Patel, Vencora’s portfolio manager, expressed enthusiasm about the acquisition, stating, "We are thrilled to welcome DA to Vencora. As a trusted technology partner, DA has a strong track record of innovation that we look forward to enhancing." He emphasized that the integration of DA’s banking solutions with Vencora’s ecosystem reinforces the company’s growing influence both in Australia and the global banking technology landscape.
With the acquisition, Data Action becomes the 18th brand under the Vencora umbrella, although it will maintain its brand identity and continue to operate independently while leveraging Vencora’s extensive industry expertise.
In line with its expansion efforts, Vencora also recently acquired Quarzo Tecnología, a Central American firm specializing in software solutions for financial organizations. This latest move further solidifies Vencora’s commitment to diversifying its portfolio and enhancing its technological capabilities in the global financial market.
As Vencora continues to build its presence in vital regions, the integration of Data Action signals a promising future for both companies in the rapidly evolving banking technology sector.
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