Global Expansion of the Digital Finance and SaaS Businesses Through the Acquisition of Avaloq Group
First written in FY2021-Q3. 3 of 4 entries say "Advanced", first in FY2022. Latest entry: FY2026.
- FY2026AdvancedAnnual report
「In the overseas IT services business, the Company will further combine the products, customer bases and expertise of the 3 European subsidiaries acquired in recent years with those of NEC Group’s longstanding local subsidiaries, accelerating the expansion of DX businesses in digital government and digital finance.」
The Company advanced the digital government and finance businesses built on acquisitions including KMD and Avaloq, leveraging the integrated products and customer bases of the 3 European subsidiaries and local subsidiaries. - FY2023AdvancedAnnual report
「In the digital government and digital finance sectors, the company steadily expanded orders and revenue, mainly from customers in Europe and Asia, despite customers restraining IT investment amid concerns over a global economic downturn due in part to the situation in Ukraine.」
In the digital finance business built on acquisitions including Avaloq Group, the Company advanced expansion of orders and revenue in Europe and Asia. - FY2022AdvancedAnnual report
「Under “Business Focus Globally, Including Japan,” in the digital government and digital finance fields, the Company received a major order from an existing European customer for a large-scale renewal of a core banking system for wealth management. In addition, delivery of the system to a new customer in Asia was decided on by leveraging global synergies between the Company and its subsidiaries.」
In digital finance, including Avaloq Group’s SaaS-based and recurring-revenue financial software business, the Company disclosed a European renewal project and a decision to deliver the system to a new customer in Asia. - FY2021-Q3AchievedAnnual report
「Through the acquisition of Avaloq Group, the Company acquired software and domain expertise in digital finance, entered this field globally and sought to strengthen its digital government business. ... Going forward, the Company will focus on building long-term relationships with Avaloq Group and its customers, and will seek to create new solutions by combining the Group’s software with the Company’s biometric authentication technology, “Bio-IDiom,” its suite of advanced AI technologies, “NEC the WISE,” and blockchain technology.」
The acquisition was completed on 22 December 2020, resulting in the acquisition of software for financial institutions and a SaaS-based, recurring-revenue business platform. The acquisition price was ¥216.886 billion, and goodwill arising from the acquisition was ¥240.340 billion.