The international wealth and banking technology house has reported a broadly strong set of results for 2016.

Switzerland-headquartered banking and wealth technology house Avaloq yesterday reported full-year revenues of SFr533 million ($530.4 million) for 2016, a 10 per cent year-on-year rise, while earnings before interest, taxes, depreciation and amortisation rose 41 per cent from a year ago to SFr82 million.

The firm, which operates worldwide, said its EBITDA margin rose by 3.4 points to 15.4 per cent; the firm also logged “strong cash flows” with net cash provided by operating activities rising by 100 per cent to SFr62 million. 

“Having largely completed our transformation from a pure play software company to an integrated service provider, we are confident that we will successfully leverage our investments in 2017 and beyond. As reflected in our enhanced financial transparency, we want to also make further progress on our path to capital-market readiness,” Francisco Fernandez, Avaloq’s chief executive, said in a statement yesterday. 

The firm won six new customers including the banks Axion Swiss Bank, Arab Bank and Notenstein La Roche Private Bank who became clients for the first time. Liechtensteinische Landesbank as well as LGT Group and another large bank – unnamed – chose to introduce the Avaloq Banking Suite in additional international business units. Furthermore, Deutsche Apotheker- und Ärztebank (apoBank) and Avaloq have signed a contract for a project to evaluate future cooperation

A total of 28 “going-lives” of Avaloq systems in banks took place last year, including the migration of HSBC Private Bank, Crestone and Maybank Private Wealth to the Avaloq Banking Suite, as well as the implementation of new digital solutions for several existing customers. Also, BPO centres in the Euroepan Union (Berlin) and Asia (Singapore) went live, and the BPO centre in Switzerland (Lugano) became a full member of the Avaloq group. 

Avaloq serves banks and wealth managers worldwide collectively managing more than SFr4.0 trillion.

The firm collected a number of honours at the recent WealthBriefing Swiss Awards 2017 ceremony in Geneva last week.