Japan-based NEC Corporation has finished its deal to acquire wealth management technology firm Avaloq.
The acquisition was first announced in October 2020 and completed on 22 December 2020. As a result, NEC holds 100% of shares in Avaloq. This also includes the 45% held by private equity firm Warburg Pincus. In addition, the shares held by founder Francisco Fernandez and employees were swept up.
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As a result, NEC has installed a new board of directors with a new chairman and four new members to the board; Tomoki Kubo, Tomonori Hira, Daichi Iwata and Asako Aoyama.
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: “Avaloq will be entering a new era together with NEC. Since the announcement of the acquisition, I have spoken to many of our clients and partners and am very happy to discover that they are just as pleased with this development as I and my fellow members of the Group Executive Board are. 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.”
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