 "NEC agrees to $2.2 billion takeover of bank software firm Avaloq")
Japan’s NEC Corp. has agreed to buy Swiss banking software outfit Avaloq Group AG for $2.23 billion, the companies announced on Monday.
Avaloq, founded in 1985, has more than 150 clients, including names like Deutsche Bank AG and HSBC Holdings, with roughly $4.9 trillion in managed assets, according to a statement from private equity firm Warburg Pincus LLC, which holds a 45% stake in the company. Bloomberg News reported the planned announcement a few hours prior.
Financial technology, or fintech, firms like Avaloq have been attracting ever more attention in recent times, and the coronavirus era’s push to
Avaloq, founded in 1985, has more than 150 clients, including names like Deutsche Bank AG and HSBC Holdings, with roughly $4.9 trillion in managed assets, according to a statement from private equity firm Warburg Pincus LLC, which holds a 45% stake in the company. Bloomberg News reported the planned announcement a few hours prior.
Financial technology, or fintech, firms like Avaloq have been attracting ever more attention in recent times, and the coronavirus era’s push to
