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Home Business NEC to acquire Swiss fintech firm Avaloq for $2.24 billion

NEC to acquire Swiss fintech firm Avaloq for $2.24 billion

NECCorp claimed Monday it will certainly obtain Swiss economic software application supplier Avaloq Group AG for 2.05 billion Swiss francs ( ¥ 236 billion) by April to enhance its worldwide economic solutions get to.

The infotech huge intend to include Avaloq’s leading electronic financial options to its very own innovative biometric and also expert system modern technologies to increase its offering to customers.

Competition amongst fintech companies is heightening as a result of the recurring digitalization of the economic industry, increased by cashless repayment solutions and also the opportunity of reserve banks developing electronic money.

The Swiss company has a solid performance history of creating software application for banks and also presently associates with greater than 150 consumers in 30 nations, according to NEC.

NEC “aims to create new solutions that combine Avaloq’s software with NEC’s cutting-edge technologies” with its wide sales networks, NEC President and also Chief Executive Officer Takashi Niino claimed in a declaration.

The Japanese company claimed it will certainly finish the purchase by buying a complete risk in the Netherlands- based holding business of Avaloq upon the concluding of antitrust testings in a variety of nations.

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