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NEC Completes Acquisition of Swiss Financial Software Firm Avaloq December 24, 2020 @ 2:50 pm By Samantha Hurst Avaloq, an international fintech providing services and digital solutions to banks and wealth managers, announced earlier this week the closing of NEC’s acquisition of Avaloq. As previously reported, the acquisition was announced in October and NEC purchased Avaloq for around 2.05 billion Swiss francs. Founded in 1985 and headquartered in Switzerland, Avaloq claims it is driving the digital transformation and automation of the financial services industry. “Our customers are the...

  Japananese NEC Corporation, has finalised its acquisition of Avaloq. The acquisition was first announced in October 2020. NEC, a multinational company that provides the integration of IT and network technologies, now holds 100% of Avaloq’s shares, including the 45% previously held by private equity firm Warburg Pincus, as well as the remaining shares held by Avaloq’s founder Francisco Fernandez and its employees. Avaloq will continue to operate as its own entity, headquartered in Switzerland, and will not lead to a divestment in any of its key regions or offerings. As part of the acqui...

External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Avaloq’s acquisition by NEC successfully completed 22 December 2020 Source: Avaloq Avaloq, a Swiss-based global leader in digital banking solutions and wealth management technology, and Japan-based NEC Corporation today announced the closing of NEC’s acquisition of Avaloq. Each being a market leader in their own field, the combination of their shared vision, technological strengths, and global prese...

The Israeli newspaper Haaretz has run a fascinating long report this week offering a disturbing snapshot of the political climate rapidly emerging across Europe on the issue of antisemitism. The article documents a kind of cultural, political and intellectual reign of terror in Germany since the parliament passed a resolution last year equating support for non-violent boycotts of Israel - in solidarity with Palestinians oppressed by Israel - with antisemitism. The article concerns Germany but anyone reading it will see very strong parallels with what is happening in other European countries,...

The VBV Vorsorgekasse is responsible for the mandatory part of occupational pensions, the so-called Abfertigung Neu. The 7,000 employees of Porsche Inter Auto, Porsche Holding, Porsche Konstruktionen, Porsche Informatik, Porsche Bank, Volkswagen Insurance Service and the car rental service ARAC, will move to the VBV Vorsorgekasse from the current provider Bonus Vorsorgekasse. “Porsche is one of numerous new customers [for us] in the current financial year,” said Andreas Zakostelsky, general director of the VBV Group and chief executive officer of VBV Vorsorgekasse. The performance of the ...