NEC Completes Acquisition of Swiss Wealth Management Specialist

“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.” – Jürg Hunziker, CEO, Avaloq

NEC has successfully completed the acquisition of Avaloq, a Swiss digital banking and wealth management specialist.

The acquisition was first announced in October, with NEC CEO Takashi Niino explaining at the time that his firm aimed to combine Avaloq’s software with NEC’s own technologies, including its biometric authentication technology and its ‘NEC the WISE’ AI platform.

Now, the deal has received the necessary regulatory approvals, and NEC holds 100 percent of Avaloq shares. That includes shares previously held by the private equity firm Warburg Pincus, as well as shares previously held by Avaloq’s founder and employees. The acquisition was officially completed on December 22, 2020.

NEC Executive Vice President Masakazu Yamashina will now help to steer Avaloq from a position as the subsidiary’s chairman. In a statement announcing the deal’s completion, he explained how the deal will help NEC expand into the financial sector and elsewhere.

“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,” he said. “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.”

It’s a sentiment that was echoed by Avaloq CEO Jürg Hunziker. “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,” he said, adding that Avaloq’s innovations will be boosted by NEC’s “strong commitment to Research & Development”.

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December 23, 2020 – by Alex Perala