Japananese NEC Corporation, has finalised its acquisition of Avaloq. The acquisition was first announced in October 2020.
NEC, a multinational company that provides the integration of IT and network technologies, now holds 100% of Avaloq’s shares, including the 45% previously held by private equity firm Warburg Pincus, as well as the remaining shares held by Avaloq’s founder Francisco Fernandez and its employees.
Avaloq will continue to operate as its own entity, headquartered in Switzerland, and will not lead to a divestment in any of its key regions or offerings.
As part of the acquisition, NEC Corporation has installed a new Board of Directors with NEC’s Executive Vice President, Masakazu Yamashina, as the new chairman of Avaloq.