First announced in October 2020, and following receipt of the relevant regulatory approvals, the acquisition has now been completed and hence, NEC is now the owner 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.
“With its 35-year heritage and focus on innovation in digital banking solutions, core banking software and wealth management technology, Avaloq is uniquely qualified to launch NEC into the Digital Finance field, which together with Digital Government, is one of the pillars for building NEC’s global growth,” said Masakazu Yamashina, Executive Vice President of NEC and new chairman of Avaloq
“Our joint value proposition will build on Avaloq’s reliable digital finance products and the trust it has established amongst its clients, coupled with NEC’s cutting-edge technologies, global business network and digital government domain knowledge.”
Founded in 1985, Avaloq provides cloud solutions for banks and wealth managers through Business-Process-as-a-Service (BPaaS) and Software-as-a-Service (SaaS) along with on-premise solutions. With its vision – maintaining the human relationship an investor has with an advisor and also enhancing the relationship through technology, Avaloq intends to democratize wealth management by allowing more people to have access to a greater quantity and quality of investment strategies.
“Avaloq will be entering a new era together with NEC. This transaction has generated much interest and we truly believe that NEC is the best partner for our business. Our solutions will only evolve for the better when leveraging NEC’s proven expertise with technologies related to Digital Identity, Artificial Intelligence, Verification, Blockchain, Cybersecurity, and Biometrics,” said Jurg Hunziker, CEO of Avaloq
As announced, NEC intends to tap into each of Avaloq vision, technological strengths, and global presences, with the aim of accelerating the long-term growth, global expansion and value creation strategy of both companies.