NEC: Acquired Swiss Finance Avaloq: Strengthened FinTech
NEC:
On October 5, it announced that it would acquire a holding company that owns Swiss financial software Avalok.
Buy from US funds for CHF 2.05 billion (¥ 236 billion).
NEC is focusing on business for governments and financial institutions in Europe and the United States.
Full-scale entry into overseas fintech business through acquisition.
Avalok’s achievements:
Avalok Holding Company
Consolidated sales for FY12 / 19 were approximately 70 billion yen, a deficit of approximately 3.4 billion yen.
Avalok is providing software to more than 150 financial institutions in 30 countries around the world.
From now on, NEC’s fintech business
Face recognition technology and
Artificial intelligence (AI),
Blockchain technology, etc.
Develop markets mainly in Europe.
Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO64606270V01C20A0000000/
NEC acquires a leading Swiss financial software company, Avaloq:
Tokyo, October 5, 2020 –
NEC Corporation
today announced the acquisition of Avaloq Group AG (Avaloq), a leading Swiss financial software company.
The acquisition of Avaloq
will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field.
The acquisition
is expected to be worth 2.05 billion Swiss francs, and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organization.
NEC focuses on Solutions for Society businesses that utilize the strengths of ICT to enhance social infrastructure.
NEC’s biometric 、AI technologies
are driving the expansion of business globally, mainly in the digital government field, and help to promote safe, secure, fair, and efficient communities.
NEC