The Avaloq group, an international fintech company and leader in integrated and comprehensive banking solutions, reports continued organic top line growth, margin expansion and strong free cashflow for the first half of 2017. Results benefited from increased project activity, strong upselling into the customer base and growth in all lines of recurring revenues from a broad spectrum of customers leveraging Avaloq’s range of on premise software, Software as a Service (SaaS) and transaction processing services.
Avaloq achieved significant progress in the first half of 2017, driven by the benefits of sustained innovation and investment in the Avaloq Banking Suite and the accelerating trend of the market towards digital, SaaS and transaction processing services. The underlying growth in recurring revenues further endorses Avaloq’s strategic move to expand its Global Processing Network into Europe and Asia in 2015 and 2016.
Key financial highlights include, compared to the same the period of last year1:
Strong Business Momentum
In the first half of 2017, Avaloq continued the positive trend and further reinforced its growth strategy. Highlights include:
“We did an excellent job in maintaining the strong momentum from last year. In the first half of the year, we further strengthened Avaloq’s leading position. We significantly increased profitability, reduced total spending, and in Warburg Pincus have a strong new global partner at our side,” Francisco Fernandez, Group CEO and Chairman of the Board of Avaloq, explains. “With such a wind in our sails, we are very well equipped to take advantage of growth opportunities”, Fernandez continues.
1Results subject to final audit.