NEC Acquires Swiss-based Avalog to Enter in FinTech Industry

  • By April 2021, all the 52,488 shares of Avalog will be acquired by NEC
  • NEC aims to integrate Avalog’s software into its technologies to develop cutting edge services for its customers
  • The impact of earning on the fiscal year of March 2021 by the takeover is still under NEC’s study

Electrical giant NEC based in Japan on October 5, announced the purchase of Avaloq, a Swiss banking software developer. The deal is finalized for $2.2 billion as per the announcement. By April 2021, all the 52,488 shares of Avalog will be acquired by NEC. This acquisition will help NEC to gain the domain knowledge of the digital finance world. NEC is set to enter the finance field soon. 

Details of the Deal

Avalog, with a customer base in 30 countries, provides platform-based software as a service SaaS and business process as a service BPaaS to the private institutes. In Asia Pacific Region and Europe the company holds the largest market share of wealth management software. 

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NEC aims to integrate Avalog’s software into its technologies to develop cutting edge services for its customers. Takashi Niino, CEO-President of NEC, commented on the deal that NEC would plan to create a long term relationship with the Avalog’s customers. When quizzed about the projects, he further added that ‘Bio-Idiom,’ a biometric authentication solution, will be the first of the many projects that the company will be developing. 

Sneak Peak of Avalog

In the press release, the CEO of Avalog said that similarity in the quality of services, professionalism, reliability, and focus on precision were few of the deal’s many driving factors. 1985 founded Avalog is the only company that provides and develops its banking software. End-to-end simplified digital solutions that democratize wealth management are Avalog’s expertise. The company’s software is responsible for managing CHF 4.5 trillion worth of assets globally. 

NEC’s Multiple Acquisitions

Secondly, expansion in global sales for Avalog’s software will be implemented with the NEC’s sales channels. In recent times Avalog is not the only company acquired by NEC, Vista Equity, NTT Docomo, and Fujistu. Vista Equity for the launch of the JV project “SaaSpresto and NTT Docomo & Fujistu for the world’s first 5G based multi-vendor radio access network will be used. 

The impact of earning on the fiscal year of March 2021 by the takeover is still under NEC’s study. With the takeover, NEC aims to increase its profits in the sector of government and digital fintech areas. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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