Money Makers Mentor

NEC Acquires Leading Swiss FinTech Company Avaloq for $2.2 Billion

This week, Japanese IT and electronics company NEC Corporation announced it will acquire Avaloq Group AG (Avaloq), a Swiss financial software company. The deal is worth $2.2 billion and will close by April 2021, which is subject to approval by both companies and completion of necessary procedures.

Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. The company is Europe’s top provider of financial asset management software with customers including Deutsche Bank and HSBC.

NEC focuses on Solutions for Society businesses that utilize the strengths of ICT to enhance social infrastructure. The company agreed to purchase all of Avaloq’s shares from existing shareholders, including global private equity firm Warburg Pincus LLC., …

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