Swiss banking software maker Avaloq in 2017 increased its sales and profit, albeit at a slower pace than before.
The Zurich-based software maker had sales of 550 million Swiss francs in 2017, up about 3 percent year-on-year, according to a statement released on Monday. In 2016, the increase in sales had been 10 percent.
Pretax profit (Ebitda) rose to 100 million francs from 82 million a year earlier, reaching the target set by the company for 2017.
Twelve New Users
Avaloq plans to list the shares in the coming years and therefore also published the figures for net liquidity, which stood at 180 million francs.
Twelve clients started using Avaloq solutions in the past year, the company said. Among those were Bank of Asia, Kasikornbank and a German pharmacist and medical doctors bank.
New Stakeholder
Warburg Pincus took a stake in the Swiss company in June 2017. The U.S. investor originally bought a third of the firm and has since increased its stake to 45 percent.
Avaloq has also widened its management team. Founder and CEO Francisco Fernandez in December handed over the operative lead to Juerg Hunziker. Fernandez now acts as chairman of Avaloq.
