The tech giant has completed its acquisition of the Swiss-headquartered digital banking solutions provider, and named a new chairman of the company
Avaloq on Wednesday announced the completion of its acquisition by Japan-based NEC, saying the combination of their shared vision, technological strengths and global presence, will «accelerate both companies’ long-term growth, global expansion and value creation strategy.»
The acquisition was announced in October, with the IT and network technologies leader saying that it would acquire 45 percent from Warburg Pincus and the remaining from Avaloq’s employees and founder Francisco Fernandez, for 2.05 billion Swiss francs ($2.24 billion),
Avaloq will continue to operate as its own entity, headquartered in Switzerland, and will not divest in any of its key regions or offerings, the company said in the announcement.
New Chairman
As part of the acquisition, NEC has installed a new board of directors with NEC’s executive vice president, Masakazu Yamashina, as the new chairman of Avaloq.
«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,» he said.
There will be four new members to the board, namely Tomoki Kubo, Tomonori Hira, Daichi Iwata and Asako Aoyama. Fernandez and Peter Schöpfer will remain members of the board of directors of Avaloq Group.
