The Japanese technology group will acquire 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 CHF610 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 data analysis products to financial institutions and governments.
The Japanese corporation has spent the last decade restructuring unprofitable units that lost business to price-competitive Asian rivals, selling its semiconductor, personal computer and smartphone units.
NEC said it will target Japan, where financial institutions have been slow to move online and new Prime Minister Yoshihide Suga has pledged to modernise outdated government systems.
“Talking to NEC’s top managers it became clear to me, that they share my ambition for Avaloq to continue to shape the future of the financial industry by continuing to invest heavily in R&D,” Avaloq founder Francisco Fernandez said in a statementExternal link on Monday.
“But I also sensed the cultural fit, caring about customers and people, striving for excellence and highest quality standards, for which ultimately Switzerland and Japan stand for.”
Federal offices and Xplain adopt data protection recommendations
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Swiss authorities and its private contract processors are required to review their cooperation after an investigation into leaked data.
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Heavy rainfall has caused severe flooding in northern Armenia and cost lives. Switzerland dispatched a team of seven engineers to the region.
Swiss House of Representatives does not want to recognise Palestine as a state
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By 131 votes to 61 with 2 abstentions, the House of Representatives said 'no' to the postulate put forth by the Social Democratic Party.
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The peak of the snow accumulation was most likely reached on Monday, wrote glaciologist Matthias Huss on the social media platform X on Tuesday.
US Vice President Harris to attend Ukraine peace conference
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US Vice President Kamala Harris and US President Joe Biden's security advisor, Jake Sullivan, will take part in the Ukraine peace conference.
FINMA director expects cooperation and transparency from banks
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"I demand complete and unfiltered access to all information", said the director of the Swiss Financial Market Supervisory Authority said in an interview.
Swiss Senate wants additional billions for the army
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The increase in the payment framework is intended to ensure that the army budget reaches the target value of 1% of gross domestic product by 2030.
Swiss Senate rejects special fund for army and Ukraine
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There will be no CHF15 billion ($17 billion) special fund for the army and reconstruction in Ukraine. The Senate has clearly rejected a motion by its security policy committee.
Earthquake service reports 4.4 magnitude quake in central Switzerland
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The earthquake was probably felt throughout Switzerland, according to the Swiss Seismological Service of federal technology institute ETH Zurich.
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Swiss fintech firms venture deeper into Middle East
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InstimatchExternal link’s digital platform directly connects deep-pocketed corporate, financial and municipal lenders with global investments. The unsecured money-lending market shifts $200 billion (CHF194 billion) per day in Europe alone. The company, which is poised to incorporate Islamic finance-compliant solutions and blockchain into its platform, says Qatar will be a springboard for further expansion in the…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.