NEC snaps up Swiss digital banking solutions provider Avaloq in $2.2 billion deal

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

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NEC to buy Swiss software firm Avaloq for $2.2 billion

TOKYO (Reuters) – Japan’s NEC Corp said on Monday it will buy Swiss financial software company Avaloq Group AG for 2.05 billion Swiss francs ($2.2 billion), a move that will spearhead its entry globally into finance software.

FILE PHOTO: A logo of NEC Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo

NEC will acquire unlisted Avaloq, Europe’s top provider of financial asset management software, from Avaloq’s founder and employees and private equity firm Warburg Pincus, which has a 45% stake and engineered the sale.

Avaloq, whose customers include Deutsche Bank and HSBC, reported sales of 610 million Swiss francs ($664 million) last year, 70% of which came from Europe.

The deal will allow NEC to offer cloud services acquired through the merger combined with its own biometrics and

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Global Automated Fingerprint Identification System Markets, 2013-2018 & 2019-2024 Featuring 3M Cogent, Morpho, NEC, Crossmatch Technologies, M2SYS Technology, AFIX Technologies, Papillon Systems – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Automated Fingerprint Identification System Market Report: Trends, Forecast and Competitive Analysis” report has been added to ResearchAndMarkets.com’s offering.

The automated fingerprint identification system market is expected to grow with a CAGR of 21% from 2019 to 2024.

The future of the automated fingerprint identification system market looks promising with opportunities in the government, healthcare, transportation, hospitality, and banking and finance industries. The major drivers for this market are transformation and technology evolution from manual process to the digital process, increasing need for secure transaction, and increasing adoption of mobile payment solutions.

Some of the automated fingerprint identification companies profiled in this report include 3M Cogent, Morpho, NEC Corporation, Crossmatch Technologies, M2SYS Technology, AFIX Technologies, Papillon Systems

Some of the features of automated fingerprint identification Market Report: Trends, Forecast, and Opportunity Analysis include

  • Market size estimates: Automated fingerprint identification market size estimation in terms of value ($M)
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