Reported by: banking|Updated: October 14, 2020
Avaloq, Switzerland-based digital banking solutions, core banking software, and wealth management technology, said it has been acquired by Japanese NEC Corporation. The 2 companies are market leaders in their own fields. Avaloq provides powerful cloud solutions for banks and wealth managers around the globe through the business process as a service (BPaaS) and software as a service (SaaS). With more than 120 years of expertise, NEC is a leader in the integration of IT and network technologies that benefit businesses and people around the world. NEC will acquire 100% of Avaloq’s shares, 45% of which is owned by Warburg Pincus, while the rest is held by Avaloq’s founder and employees. The acquisition is expected to be worth CHF 2.05 billion, and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organization. Avaloq will continue to operate with its own identity and will continue to be headquartered in Switzerland.