Japanese NEC Corporation has successfully acquired Swiss FinTech Avaloq.
In Brief:
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Avaloq is a global leader in digital banking and wealth management solutions.
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NEC is a global business focused on integration of IT and network technologies.
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The acquisition was announced in October but has now gained regulatory approval.
What does this mean?
The firms have said they want to combine a shared vision, global presence and strengths in the technology field. The goal from the acquisition is to accelerate global growth and value creation.
