In a strategic move to enhance its footprint in the Asia-Pacific region, Vencora has completed the acquisition of Data Action (DA), a prominent provider of core and digital banking solutions in Australia. This acquisition marks Vencora’s inaugural entry into the Australian banking technology sector and complements its existing presence in the country through its insurance technology subsidiary, SSP.
Data Action, headquartered in Adelaide, South Australia, was founded in 1986 through a collaborative effort involving eight local credit unions. Since its inception, the company has grown to become a significant player in the financial technology landscape, offering an extensive suite of services tailored to the needs of financial institutions across the nation. Its clientele spans a broad spectrum, including customer-owned banks, credit unions, challenger banks, and member-based financial organisations.
The company’s robust banking platform currently manages over five million customer accounts, serving institutions that prioritize agility and customer-centric innovation. With operations extending throughout the country, Data Action maintains offices in major cities such as Adelaide, Sydney, Melbourne, and Brisbane. This nationwide presence reinforces its role as a key partner in the digital transformation journeys of financial institutions.
Ateet Patel, Portfolio Manager at Vencora, expressed enthusiasm about the acquisition, highlighting the value DA brings to the group. “We are delighted to welcome Data Action to the Vencora family. Their reputation as a reliable technology partner to Australia’s financial services sector, particularly among challenger banks, positions them as an important addition to our portfolio. Their consistent track record of technological innovation aligns with our mission to drive growth and deliver best-in-class solutions to our clients,” Patel stated.
This acquisition not only expands Vencora’s reach in the Australian market but also demonstrates its broader commitment to investing in high-potential financial technology firms around the world. Data Action is now the 18th company to join the Vencora portfolio. Notably, the firm will retain its independent brand identity and continue to operate autonomously while also leveraging Vencora’s global expertise, strategic guidance, and industry best practices.
DA’s integration into the Vencora group signals a stronger regional presence for the global technology company and reinforces its ambition to be a leading provider of fintech solutions worldwide. With DA’s advanced digital banking technologies and deep-rooted industry relationships, the acquisition is expected to drive innovation and elevate service standards for financial institutions throughout Australia.
The purchase of Data Action follows Vencora’s 2023 acquisition of Quarzo Tecnología, a Costa Rica-based software firm that specialises in solutions for employee associations, savings funds, mutual funds, and cooperatives in Central America. Founded in 1995, Quarzo has developed CODEAS, a comprehensive platform comprising over 55 modules designed to streamline and automate financial, administrative, accounting, and customer service operations.
Together, these acquisitions underscore Vencora’s ongoing efforts to expand its global presence and diversify its offerings across key markets. By integrating companies with strong local reputations and specialised expertise, Vencora aims to build a robust ecosystem of fintech providers that can collectively meet the evolving demands of the global financial services sector.
As Vencora continues its expansion, the company remains focused on delivering value to its stakeholders through strategic acquisitions, technological advancement, and a commitment to supporting the long-term success of the businesses within its growing portfolio. With Data Action now onboard, Vencora is well-positioned to deepen its impact in Australia and solidify its standing as a leading force in banking and financial services technology.
