Japan’s NEC acquires Switzerlands Avaloq for $2.2 bn

BUSINESS

Avaloq - a company with a strong presence in Ticino with over 600 employees is to be taken over by the Japanese IT group NEC Corporation for 2.05 billion francs

Japan’s NEC acquires Switzerlands Avaloq for $2.2 bn

Japan’s NEC acquires Switzerlands Avaloq for $2.2 bn

The agreement takes over 100% of the capital indicated earlier today. The company employs 2000 people. The transaction will allow Avaloq to accelerate growth on the innovation front and expand its global presence - assure the top management.

The company will remain an independent unit based in Switzerland. There will be no reduction in the workforce. The acquisition will be finalised in April 2021.

The group currently operates with 26 offices in nine countries. Its clients include 150 banks and asset managers. In 2019, it generated sales of 609 million francs.

Avaloq was born in 1985 as BZ Informatik, a branch of Bank BZ of the Swiss financier Martin Ebner. The majority of the share capital is controlled by employees, while 45% is in the hands of the American investment company Warburg Pincus

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