Portland-based Umpqua Bank has agreed to offload its Pivotus Ventures innovation subsidiary to tech firm Kony. Terms of the deal were not disclosed.
Umpqua set up Pivotus in late 2015, giving it its own small, Silicon Valley-based start-up style team working with outside experts in areas such as data analytics and user design to develop and test new digital products and services.
Three years on and Pivotus is pivoting, joining Kony's DBX portfolio of digital banking applications and platforms.
Umpqua will continue to work with the unit on Engage, a Pivotus-designed platform designed to bridge the human-digital divide in banking.
Cort O’Haver, CEO, Umpqua Holdings, says: "Umpqua’s Human Digital strategy and customer-obsessed culture are clear differentiators for us. As the speed of technological change continues to accelerate, it’s important that we’re able to make the most of our strategy and size by developing a network of partnerships that can accelerate our pace of differentiation.
"Finding a smart home for Pivotus—with the capital, technical expertise and customer focus — is important for Umpqua moving forward, and Kony is a terrific partner."