FinTech: NEC announces the acquisition of Avaloq

NEC also has its say in the FinTech world as evidenced by the acquisition of Avaloq announced over the weekend. The Japanese group, with an economic investment quantified in an equivalent of 1.91 billion euros, thus extends its hands on the Swiss company founded in 1985 and today among the leaders in the market of software solutions for asset management for banking and to private companies.

Avaloq is the acquisition of NEC for FinTech

In the recent past Avaloq has strengthened its relations with the startup world in order to be able to count on allies by looking at upcoming innovations to be allocated to the finance area. Takashi Niino, CEO and President of NEC, commented on the operation.

NEC will attach great importance to building a long-term relationship with Avaloq and its customers, aiming to create new solutions based on the software Avaloq and NEC's innovative technologies, such as those of the Bio-Idiom methods for biometric authentication, the NEC the WISE brand linked to artificial intelligence as well as the blocjchain.

As part of the agreement, NEC will arrive to own the entire share package of Avaloq by April 2021. To date, the acquired company has a customer base spread across 30 countries, mainly in Europe and the Asia Pacific region. It will continue to serve them, even aiming at greater penetration of the Japanese market by exploiting the sales channels already controlled by the Tokyo group.

Source: NEC