Avaloq, an international fintech offering expert services and electronic methods to banks and prosperity administrators, declared before this 7 days the closing of NEC’s acquisition of Avaloq. As beforehand claimed, the acquisition was announced in October and NEC bought Avaloq for all around 2.05 billion Swiss francs.
Founded in 1985 and headquartered in Switzerland, Avaloq claims it is driving the electronic transformation and automation of the monetary products and services sector.
“Our shoppers are the top financial institutions of today and tomorrow. Dependent on our thoroughly built-in banking software, we generate highly effective digital encounters presented by a standardised Business Course of action as a Assistance (BPaaS) or Application as a Company (SaaS) design to banking companies and wealth administrators. To further more spur innovation, we perform with customers, other fintechs, universities and hundreds of 3rd-celebration developers in a uniquely collaborative way we phone the Avaloq Ecosystem.”
Avaloq further more disclosed that as aspect of the acquisition, NEC Company has put in 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 members to the board, particularly Tomoki Kubo, Tomonori Hira, Daichi Iwata and Asako Aoyama. Francisco Fernandez and Peter Schöpfer will continue being members of the board of directors of Avaloq Group AG.
While sharing extra information about the acquisition, Jürg Hunziker, CEO of Avaloq, added:
“Avaloq will be coming into a new period together with NEC. Given that the announcement of the acquisition, I have spoken to many of our shoppers and partners and am quite joyful to find out that they are just as delighted with this growth as I and my fellow associates of the Group Govt Board are. This transaction has created a great deal desire and we really consider that NEC is the best partner for our company. Our answers will only evolve for the far better when leveraging NEC’s confirmed experience with technologies relevant to Digital Identity, Synthetic Intelligence, Verification, Blockchain, Cybersecurity, and Biometrics. In addition, our innovation abilities will be elevated with NEC’s sturdy determination to Investigate & Improvement, evidenced by the means it has put toward this, which includes committed amenities in Heidelberg, Germany.”