This is the Japanese group’s biggest play yet in the global fintech space
In Brief:
- The sale ends a three-year investment by private equity firm Warburg Pincus which held a 45% stake in the business.
- NEC’s acquisition follows years of restructuring where it cut 3,000 jobs and shed unprofitable businesses.
- The deal consolidates NEC's previous acquisitions of KMD, a Danish IT services group, and its £475m takeover of UK’s Northgate Public Services.
What does this mean
NEC already provides IT solutions in industries ranging from aerospace to data analytics. Now it is poised to enter the financial services sector on a global scale.
