Japan's NEC Corp said on Monday it will buy Swiss financial software company Avaloq Group AG for 2.05 billion Swiss francs ($2.2 billion), a move that will spearhead its entry globally into finance software.
TOKYO - Japan’s NEC Corp said on Monday it will buy Swiss financial software company Avaloq Group AG for 2.05 billion Swiss francs , a move that will spearhead its entry globally into finance software.
Avaloq, whose customers include Deutsche Bank and HSBC, reported sales of 610 million Swiss francs last year, 70% of which came from Europe. 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financial institutions have been slow to move online and new Prime Minister Yoshihide Suga has pledged to modernise outdated government systems.
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