Avaloq Keeps Its Name After Completion of NEC Acquisitionby Fintechnews Switzerland December 23, 2020
Japananese NEC Corporation, has finalised its acquisition of Avaloq. The acquisition was first announced in October 2020.
NEC, a multinational company that provides the integration of IT and network technologies, 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 Francisco Fernandez and its employees.
Avaloq will continue to operate as its own entity, headquartered in Switzerland, and will not lead to a divestment in any of its key regions or offerings.
As part of the acquisition, NEC Corporation has installed a new Board of Directors with NEC’s Executive Vice President, Masakazu Yamashina, as the new chairman of Avaloq.
Along with a new chairman, there will be four new members to the board, namely Tomoki Kubo, Tomonori Hira, Daichi Iwata and Asako Aoyama. Francisco Fernandez and Peter Schöpfer will remain members of the board of directors of Avaloq Group AG.
Masakazu Yamashina, Executive Vice President of NEC and new chairman of Avaloq, said:
“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.
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.”
Jürg Hunziker, CEO of Avaloq, said:
“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.
In addition, our innovation capabilities will be elevated with NEC’s strong commitment to Research & Development, evidenced by the resources it has placed towards this, including dedicated facilities in Heidelberg, Germany. I am very much looking forward to starting this new part of our exciting growth journey together with NEC.”