The software company, based in Germany's Rüsselsheim, is the developer of the ITREXS banking system. The acquisition of Höll Computer & Software GmbH means that the Avaloq group substantially extends its presence in the German market.

The Avaloq Group sees the move as the next logical step following its internationalization strategy and aims to establish a firm presence in Germany, a strategically vital market for the Group. As a result of the acquisition, the Avaloq group will over time integrate Höll Computer & Software GmbH's software assets into the Avaloq Banking System. Höll Computer & Software GmbH, which was founded in 1983 by Roland Höll, has 30 employees who solely concentrate on the development of banking software - the ITREXS product family, which focuses on private banking, wealth management and asset management. The company's ITREXS banking system is currently deployed at a remarkable customer base across Germany, which includes customers such as quirin bank AG, V-Bank AG, Vontobel Europe, Bank Julius Bär Europe AG, the Stuttgart Stock Exchange, IFC AG and TRADEGATE.

Höll Computer & Software GmbH will be fully integrated into the Avaloq Group and managed under the name Avaloq Software (Germany) GmbH. The Avaloq group will retain all of Höll Computer & Software GmbH's 30 employees, which will report into Avaloq's product development headed by Klaus Rausch, and will hold on to the company's existing head office based in Rüsselsheim, Germany. Roland Höll, founder of Höll Computer & Software GmbH, will continue his duties as Managing Director.

Francisco Fernandez, CEO of the Avaloq Group AG, says: "Acquiring Höll Computer & Software GmbH is another important step in our internationalization strategy and the successful establishment of our banking solutions in the German market. Not only will we gain skilled personnel with a plethora of know-how in financial software solutions and substantiated expertise regarding the German market, the acquisition will also provide us with an immediate footprint of numerous important customers in Germany. The existing clientele will immediately benefit from the new structures by being able to take advantage of our large network of expertise and the added solutions portfolio and support we can now provide them with."

Roland Höll, founder and CEO of Höll Computer & Software GmbH, says: "I am proud that the company has been acquired by someone as strong and successful as the Avaloq Group, which has a proven track record in providing banking solutions in the most demanding financial centers across the world. This is a true testament of the hard work and efforts we have put in over the many years and our good track record in the financial technology sector in Germany. The new ownership means that we will be part of an international group with extensive expertise in developing banking software solutions which we can now profit from."