Tokyo, October 5, 2020 – NEC Corporation (NEC; TSE: 6701) today announced the acquisition of Avaloq Group AG (Avaloq), a leading Swiss financial software company. The acquisition of Avaloq will provide NEC with digital finance software and domain knowledge as it enters into the field globally and strengthens its business in the digital government field. The acquisition is expected to be worth 2.05 billion Swiss francs, and to be completed by April 2021, following the confirmation of necessary procedures and approvals for each organization.

NEC acquires a leading Swiss financial software company, Avaloq