NEC Completes Acquisition of Swiss Monetary Application Firm Avaloq

Avaloq, an intercontinental fintech giving products and services and digital solutions to banks and wealth professionals, announced earlier this week the closing of NEC’s acquisition of Avaloq. As earlier claimed, the acquisition was declared in October and NEC bought Avaloq for around 2.05 billion Swiss francs.

Founded in 1985 and headquartered in Switzerland, Avaloq statements it is driving the digital transformation and automation of the fiscal expert services marketplace.

“Our prospects are the leading banks of today and tomorrow. Based on our absolutely built-in banking software, we build effective digital experiences supplied by a standardised Organization Course of action as a Provider (BPaaS) or Software package as a Assistance (SaaS) product to banking institutions and prosperity professionals. To even further spur innovation, we operate with customers, other fintechs, universities and hundreds of 3rd-bash builders in a uniquely collaborative way we call the Avaloq Ecosystem.”

Avaloq additional exposed that as element of the acquisition, NEC Company has mounted a new Board of Directors with NEC’s Government Vice President, Masakazu Yamashina, as the new chairman of Avaloq. Together with a new chairman, there will be 4 new customers to the board, namely Tomoki Kubo, Tomonori Hira, Daichi Iwata and Asako Aoyama. Francisco Fernandez and Peter Schöpfer will remain associates of the board of directors of Avaloq Team AG.

While sharing much more details about the acquisition, Jürg Hunziker, CEO of Avaloq, extra:

“Avaloq will be getting into a new period with each other with NEC. Due to the fact the announcement of the acquisition, I have spoken to several of our customers and companions and am extremely content to learn that they are just as delighted with this progress as I and my fellow associates of the Group Executive Board are. This transaction has produced a great deal curiosity and we genuinely believe that that NEC is the ideal spouse for our business. Our solutions will only evolve for the much better when leveraging NEC’s demonstrated abilities with systems connected to Digital Identity, Artificial Intelligence, Verification, Blockchain, Cybersecurity, and Biometrics. In addition, our innovation abilities will be elevated with NEC’s robust determination to Study & Progress, evidenced by the methods it has put in direction of this, including dedicated amenities in Heidelberg, Germany.”