Niederer Kraft Frey is advising Tokyo-listed NEC Corporation in its acquisition of Swiss financial software company Avaloq Group. The acquisition is expected to be worth CHF 2.05 billion and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organisation.
NEC focuses on Solutions for Society businesses that utilise the strengths of ICT to enhance social infrastructure. NEC’s biometric and AI technologies are driving the expansion of business globally, mainly in the digital government field, and help to promote safe, secure, fair, and efficient communities. NEC is now shifting more attention towards SaaS business models that utilise software capable of being horizontally deployed. Avaloq operates globally in digital banking solutions and is at the forefront of financial DX as a software developer for financial institutions largely centered in Switzerland, but reaching across more than 150 customers in 30 countries worldwide.