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Asian Fintech News: NEC Acquires Swiss Financial Software Company, Avaloq

Japanese MNC NEC Corporation has announced the acquisition of Avaloq Group AG (Avaloq) to globally expand into the digital financial services software market. NEC will acquire Avaloq for USD 2.23 Billion as part of the deal which will be completed by April 2021. The acquisition of Avaloq will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field.

The acquisition of Avaloq will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field. The acquisition is expected to be worth $2.05 billion Swiss francs, and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organization.

The Avaloq acquisition news comes within days of NEC’s decision to partner with Vista Equity Partners to launch a JV project called “SaaSpresto” – a digital transformation platform for the Japanese technology market. NEC also partnered with Japanese tech giants NTT Docomo and Fujitsu to build what is now perceived to be the world’s first carrier aggregation using 5G frequency bands in a multi-vendor radio access network (RAN).

More information on the announcements is available here.

What is Avaloq?

Founded in 1985, Swiss-based Avaloq is a global leader in digital banking solutions, core banking software and wealth management technology. Avaloq provides powerful cloud computing solutions for banks and wealth managers through BPaaS and SaaS. Avaloq is the only independent banking software provider to develop and also operate its own software.

Its established core banking system is complemented by three innovative digital platforms “Engage, Wealth and Insight” providing end-to-end digital solutions at a level of simplicity that will pave the way for the democratization of wealth management. To further spur innovation, Avaloq connects its clients with selected fintechs through the Ecosystem, the company’s open banking marketplace.

More than 150 banks and wealth managers with around CHF 4.5 trillion in assets managed worldwide trust Avaloq for its award-winning products and services. Avaloq has its headquarters in Zurich, Switzerland and employs more than 2,000 people around the world.

Adding More Muscle to “Bio-Idiom,” the company’s AI technology brand, “NEC the WISE,” and its innovative blockchain technologies

At the time of this announcement, Takashi Niino, President and CEO, NEC Corporation said –

“NEC will be placing great importance on building long-term relationships with Avaloq and its customers, and aims to create new solutions that combine Avaloq’s software with NEC’s cutting-edge technologies, such as its brand of biometric authentication solutions, “Bio-Idiom,” the company’s AI technology brand, “NEC the WISE,” and its innovative blockchain technologies.”

Takashi added, “NEC will also promote global sales expansion of Avaloq’s software by taking advantage of NEC Group sales channels, including KMD, a leading European software and IT services provider that NEC acquired in February 2019.”

Avaloq will help NEC further enlarge the geographical footprint of finance software products and capabilities across the globe.

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How Avaloq’s Acquisition Affects Global Digital FinTech Market?

The digitization of the financial industry is expected to have a broad impact on the sustainable development of the digital economy and society.

According to a recent market research report, the global finance market is currently pegged to grow by $192 million by 2024. The leading disruptions in the fintech space in Asia come to the heels of massive growth in the Big Data technologies, powering the current crop of web- and mobile-based applications in the personal and Enterprise finances software domain.

NEC will acquire software and domain knowledge in the digital finance field through the acquisition of Avaloq, and enter this field globally while strengthening its business in the digital government field.

Furthermore, NEC aims to expand its business and improve profitability, mainly in the digital government and digital finance areas, by globally developing SaaS business models that utilize software and technologies from throughout the NEC Group. 

Read Also: Virtual Clinics And Smartphone-Based Medical Point-Of-Care Testing (POCT) Market

Currently, NEC focuses on Solutions for Society businesses that utilize the strengths of ICT to enhance social infrastructure. On the other hand, Avaloq is a global leader in digital banking solutions and is at the forefront of financial DX as a software developer for financial institutions largely centered in Switzerland, but reaching across more than 150 customers in 30 countries worldwide.

Together with Avaloq, NEC’s biometric and AI technologies would be further driving the expansion of business globally, mainly in the digital government field, and help to promote safe, secure, fair, and efficient communities.

Avaloq’s business growth is partially driven by recurring business from the provision of software as a service (SaaS) and business process as a service (BPaaS) for wealth management and other applications, as it holds the top market share in wealth management software within Europe and Asia Pacific. Furthermore, in recent years Avaloq has worked with FinTech startups and other partners to aggressively promote digitization through AI, blockchain and other technologies as part of capitalizing on new service needs brought on by open banking, particularly in Europe.

Read More: Fintech Machine Learning Leader Attunely Secures $9M in Funding

In response to slowing growth in conventional services and advances in regulatory reforms such as the shift to open banking, the financial industry is working to acquire new sources of revenue by creating services that leverage digital technologies, and the utilization of software is expanding in preparation for rapid introduction of these services. In addition, there is a growing momentum toward achieving more equitable and efficient civil services through cooperation between government and finance, which is based on digital IDs and digital tokens.

Juerg Hunziker, CEO of Avaloq. “Due to very similar values of professionalism, reliability, quality and excellent service for clients with a focus on precision, we firmly believe that this union will be a successful one for all involved and we are looking forward to an exciting and fruitful cooperation. The whole Group Executive Board at Avaloq is committed to driving forward our growth strategy and we are very glad to have a strong partner on our side who supports our long-term vision and offers us continuity, stability and an exciting future of accelerated growth in new markets. With NEC, Avaloq found a perfect new home to continue our success story of serving our clients with solutions that make their lives simpler in an ever more complex world.”

Today, NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at


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