Avaloq s Acquisition by NEC Successfully Completed JCN Newswire
2020-12-23
TOKYO, Dec 23, 2020 - (JCN Newswire) - Avaloq, a Swiss-based global leader in digital banking solutions and wealth management technology, and Japan-based NEC Corporation today announced the closing of NEC s acquisition of Avaloq. Each being a market leader in their own field, the combination of their shared vision, technological strengths, and global presence, will accelerate both companies long-term growth, global expansion and value creation strategy.
This acquisition was first announced in October 2020, and following receipt of the relevant regulatory approvals, the acquisition was completed on December 22, 2020. NEC 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 by employees.