Japanese technology company NEC acquires the company Swiss Avaloq for around 2.05 billion Swiss francs (1.92 billion euros/$2.23 billion).
NEC buys banking software company Avaloq
ABOUT NEC
NEC Corporation is a Japanese multinational technology and communications company headquartered in Tokyo, Japan. The company provides IT (information technology) and communications solutions to businesses and government. The company is divided into three main branches: IT Solutions, Communications Solutions and Electronic Devices. IT Solutions offers its customers software, hardware and other related services.
ABOUT AVALOQ
Avaloq is a Swiss company that develops and provides core banking software. It is a "leader in digital banking solutions" as the software system, Avaloq Banking Suite, is used by more than 140 banks worldwide. Its customers include the UK's HSBC and Barclays, Germany's Deutsche Bank and Japan's Nomura.
The Japanese firm, which expects the deal to be completed by April 2021, is making the acquisition with the aim of entering the world of finance and offering cloud services combined with its own biometric and data analytics products as digitisation accelerates.
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