The Switzerland-listed firm, an important business for private banks worldwide, reported rising revenues in H1, and a number of new clients.

Banking systems technology firm Avaloq has reported an 8 per cent year-on-year increase in revenue for the first half of this year rising to SFr273 million ($283.6 million), with adjusted earnings before interest, taxation depreciation and amortisation of SFr36 million in the period.

The Switzerland-listed firm said that it built on “strong momentum it developed in 2017” with continued uptake in its Software as a Service (SaaS) and Business Process as a Service (BPaaS) solutions with a number of customers going live. It won new clients such as Smith & Williamson, Industrial Bank Co and Intesa Sanpaolo Private Banking Suisse. Some 29 clients, including 23 banks in the Raiffeisen group, went live with Avaloq solutions, as well Deutsche Bank Luxembourg and the BBVA mobile app, it said. 

The first-half period saw the firm acquire a 10 per cent stake in Swiss cryptocurrency specialist Metaco, a new office in Singapore, a strengthened management team in Australia, and set up the private Swiss banking cloud in conjunction with IBM.

Open architecture
Separately, the firm announced yesterday that it has upgraded its open software architecture, allowing financial customers to consolidate IT operations onto a single platform. As a result, firms can build, deploy and manage Avaloq and third-party applications, such as output management systems, more consistently across internal infrastructures. Avaloq is working with Red Hat, a major provider of open source solutions, to simplify and standardise how software components are deployed.