Wealthtech firm Avaloq has been acquired by Japan-based NEC Corporation.

NEC will acquire all of Avaloq’s shares, 45 percent of which are owned by Warburg Pincus. The remaining 55 percent is held by the firm’s founder and employees.

The acquisition is expected to be worth CHF 2.05 billion and should be completed by April 2021, following necessary procedures and regulatory approval.  

Founded in 1985, Avaloq provides cloud solutions for banks and wealth managers around the globe through business process as a service (BPaaS) and software as a service (SaaS).

NEC integrates IT and network techn...