June 18, 2019 / 11:58 AM / a month ago

Swiss banking software group Avaloq mulls IPO or sale: CEO

ZURICH (Reuters) - Swiss banking software company Avaloq is considering an initial public offering in the next two to four years, its chief executive told Reuters on Tuesday, adding a trade sale would be another option.

“We want to go in that direction in the next two to four years,” Chief Executive Juerg Hunziger said.

The company seeks to raise earnings before interest, taxes, depreciation and amortization as a percentage of sales to 25 percent from around 17 percent now, Hunziger added.

That would still lag publicly listed rival Temenos.

Financial investor Warburg Pincus owns 45 percent of Avaloq, with the rest split between founder Francisco Fernandez, management and employees. About half of Avaloq’s revenue comes from business in its home country.

Writing by John Miller, reporting by Oliver Hirt

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