NEC Completes Acquisition of Swiss Financial Software Firm Avaloq
December 24, 2020 @ 2:50 pm By Samantha Hurst
Avaloq, an international fintech providing services and digital solutions to banks and wealth managers, announced earlier this week the closing of NEC’s acquisition of Avaloq. As previously reported, the acquisition was announced in October and NEC purchased Avaloq for around 2.05 billion Swiss francs.
Founded in 1985 and headquartered in Switzerland, Avaloq claims it is driving the digital transformation and automation of the financial services industry.
“Our customers are the leading banks of today and tomorrow. Based on our fully integrated banking software, we create powerful digital experiences provided through a standardised Business Process as a Service (BPaaS) or Software as a Service (SaaS) model to banks and wealth managers. To further spur innovation, we work with customers, other fintechs, universities and hundreds of third-party developers in a uniquel
Newswire & Press Release / Avaloq s Acquisition by NEC Successfully Completed - IT Services / Network Management - NEC Corporation newswiretoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newswiretoday.com Daily Mail and Mail on Sunday newspapers.
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.
Avaloq s Acquisition by NEC Successfully Completed – IT Business Net itbusinessnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from itbusinessnet.com Daily Mail and Mail on Sunday newspapers.
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.