Warburg Pincus buys additional 10% Avaloq stake from Raffeisen

Warburg Pincus acquired a 35% stake in Avaloq from its founders, management team and employees at a valuation of CHF 1bn in March 2017. It will therefore now hold a 45% stake in the business.

Raffeisen simultaneously announced it will sell its 51% stake in banking platform Arizon, a joint venture with Avaloq, to the company.

The transactions signal a change in the way Raffeisen and Avaloq cooperate, to a long-term client-supplier relationship, according to a press release. Arizon has announced a service agreement with Raffeisen until the end of 2024.

Avaloq has developed an integrated banking-services software, which targets banks and wealth managers. It is headquartered in Zurich and has a presence in Berlin, Edinburgh, Frankfurt, Hong Kong, Leipzig, London, Lugano, Luxembourg, Madrid, Manila, Nyon, Paris, Singapore and Sydney.

According to a statement, the company generated revenues of CHF 253.1m for the first half of 2017, a 3% year-on-year increase. Meanwhile, its EBITDA increased by 257% to CHF 36.3m in the same period.

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• Topics
• Expansion
• DACH
• Technology
• Financials
• Warburg Pincus
• Switzerland