October 5, 2020 | technology | No Comments
NEC has agreed to acquire Avaloq in order to secure a global pathway into the digital payments market.
Announced on October 5, the deal will bring Avaloq under the Japanese IT group’s umbrella, although Avaloq will continue to operate using its own brand.
Under the terms of the agreement, NEC will pay CHF 2.05 billion, or approximately $2.23 billion, for 100% of Avaloq shares. At present, 45% is owned by global private equity firm Warburg Pincus, whereas the rest are held by the firms’ founders and employees.
Founded in 1985, Avaloq is an IT solutions company now specializing in banking, wealth management, and the digital payments space. The firm has developed business process as a service (BPaaS) and software as a service (SaaS) cloud solutions for banks and financial organizations.
See also: Infosys acquires GuideVision in European services push
Headquartered in Switzerland, Avaloq is listed on the Tokyo stock exchange