Avaloq, a fintech and international provider of software as a service (SaaS), business process as a service (BPaaS), and on-premise solutions to banks and wealth managers, recently reported a record half-year revenue of 288 million Swiss francs (US$291.9 million) for 2019, an increase of 5 percent year-on-year. Adjusted EBITDA was 38 million Swiss francs for the period.

The strong performance was driven by sustained demand for the firm’s SaaS, BPaaS and on-premise solutions from new and existing clients.

The half-year period saw Avaloq successfully complete its largest transformation project to date and one of the biggest financial services upgrade programmes globally. It involved the digital transformation of 253 Raiffeisen banks across almost 900 sites in Switzerland, available to all 11,000 employees at the bank, which completed the going live on one Avaloq platform in January.

The initiative underscored Avaloq’s ability to undertake complex projects and allow scalability and digital performance with its solutions. In its home market in Switzerland, Avaloq has also seen growth having been selected to upgrade the digital infrastructure of a private bank with its customer base in Switzerland, Austria and Germany.

Additional success stories in Europe include the Austrian unit of LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, going live with the Avaloq Banking Suite. Juerg Hunziker, Avaloq’s Group CEO, says, “We have had a very busy first half of the year, delivering solid results by winning a series of new customers, forging deeper relationships with existing customers, completing an important acquisition and expanding our market presence.

Avaloq’s strong growth during the first-half period was also driven by the UK market which saw a notable uptick in activity. In February, Avaloq announced that Smith & Williamson, the financial and professional services firm, enhanced its relationship by adopting Avaloq’s SaaS solution; in April, Avaloq announced the decision of Brewin Dolphin, the £34.9 billion wealth manager to implement Avaloq’s SaaS to significantly enhance its digital capabilities at a time of increasing market competition.

Dean Gluyas, Avaloq’s Group CFO, says, “Avaloq has once again delivered strong results and we are well on track to meet our financial goals and targets for full-year.”

In Asia, Avaloq can also report a strong pipeline of opportunities. One of its recent wins in the region includes the private banking business of a Malaysian tier 1 bank. In addition, Avaloq has also seen a strengthening of existing relationships with clients such as Maybank rolling out Avaloq’s solution across Hong Kong, Singapore and Malaysia.

In addition to strong organic growth and new product development, Avaloq continued to target merger and acquisition opportunities. At the end of the first-half period, the firm signed an agreement to acquire 100% of Derivative Partners AG, Switzerland’s leading information and data provider for structured products and derivatives.

The acquisition allows Avaloq to offer established and new clients independent valuation, trading and management of highly complex financial instruments such as ETFs at a time when their use by banks and wealth managers is becoming increasingly more relevant.

In April, Avaloq announced the launch of its avaloq.one platform which seamlessly connects leading fintechs and their solutions to Avaloq’s global financial clients. Through standardized Open Application Programme Interfaces (APIs), fintechs will benefit from the platform’s easy self-onboarding and will also be able to self-test through its sandbox initiatives.

Avaloq is committed to being a catalyst for industry wide transformation and as such is focused on delivering new cutting edge and innovative products such as an independent wealth management platform, a relationship manager hub, an omni-channel client engagement platform, and an independent client onboarding solution.

Moody’s recently renewed its credit rating at B2 stable. Avaloq was rated initially in June 2017 just prior to the completion of private equity firm Warburg Pincus’ acquisition of a minority stake in Avaloq.

Avaloq reports its results on an IFRS basis consistently from year to year inclusive of all necessary charges, provisions and accruals reflecting the operations of the business.