The Swiss company that provides digital banking solutions and wealth management technologies, Avaloq, had acquired by NEC for $2.2 billion.
The Japanese multinational IT company NEC acquired Avaloq, the Swiss company that works on digital and core banking software products and wealth management technologies, for $2.2 billion. NEC believes that this acquisition will expand their expertise on digital finance and moreover strengthens NEC on the digital government field. The acquisition is expected to be completed by April 2021.
Juerg Hunziker, CEO of Avaloq
The Avaloq team is delighted to be joining the NEC Group, a highly trusted and well-respected company with a long heritage, which will help further enlarge our geographical footprint across the globe.
NEC's AI and biometric technologies are improving the global expansion of NEC and they are aiming to use these technologies in the digital government field and also, they are keeping more attention on the SaaS business models.
Avaloq is a financial software developer that has 150 customers in 30 different countries and Avaloq provides SaaS (Software as a Service) and BPaaS (Business Process as a Service) solutions to the financial companies. They are working with banks like Deutsche Bank, HSBC, Barclays and Société Générale. This is the exact thing that NEC wants. They want to work more on SaaS business models and Avaloq is the perfect fit for that need.
Takashi Niino, The President and the CEO of the NEC Corporation had said that, the NEC Corporation is planning to build long-term relationships with Avaloq and its customers and create new solutions that merges Avaloq’s software and their technologies. For instance, their brand of biometric authentication, “Bio-Idiom”,, NEC’s AI brand, “NEC the WISE” and on their blockchain technologies.
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