NEC to acquire Avaloq for $2.2bn.

NEC, a Japanese multinational information technology and electronics company, agreed to acquire Avaloq, a Swiss-based global provider of digital banking solutions, core banking software and wealth management technology, for $2.2bn. Warburg will also divest its 45% stake. “With this step I give Avaloq in the best hands possible. My goal was to find a partner and owner, who can make Avaloq grow and prosper further, for many years to come. Talking to NEC’s top managers it became clear to me, that they share my ambition for Avaloq to continue to shape the future of the financial industry by continuing to invest heavily in R&D. But I also sensed the cultural fit, caring about customers and people, striving for excellence and highest quality standards, for which ultimately Switzerland and Japan stand for," Francisco Fernandez, Avaloq Founder and Chairman.