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NEC completes Avaloq's acquisition

Wednesday 23 December 2020 13:20 CET | News

Digital banking solutions and wealth management technology company Avaloq and Japan-based NEC Corporation have revealed the closing of NEC’s acquisition of Avaloq. 

Initially announced in October 2020, and following receipt of the relevant regulatory approvals, the acquisition was completed on 22 December 2020. The combination of both companies’ shared vision, technological strengths, and global presence will accelerate their long-term growth, global expansion, and value creation strategy.

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 and by employees. Avaloq provides cloud solutions for banks and wealth managers around the globe through business process as a service (BPaaS) and software as a service (SaaS) along with on-premise solutions.


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Keywords: NEC, Avaloq, acquisition, digital banking, BPaaS, SaaS, banks
Categories: Banking & Fintech
Companies:
Countries: World
This article is part of category

Banking & Fintech