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Francisco Fernández can order some new Ferraris and McLarens. He and his co-owners have just sold the information technology company Avaloq to Japan to the main NEC.
Fernandez collects hundreds of millions of francs as his share of the sale price of more than 2 billion francs. Other winners are outside investors in Warburg Pincus.
Long-term Avaloq employees, including Ronald Strässler, get really rich too.
Strässler was the guarantee of success behind Fernández, thanks to its IT know-how, Avaloq became the leading banking software.
Matthias Schütz can also rub his hands. The manager, who hired Avaloq early on and then switched to the joint venture with Raiffeisen, is now back on Avaloq’s payroll.
Because Schütz also owns many shares in Avaloq, Christmas and Easter are at the same time for him.
For many other employees at Avaloq, Schütz, Strässler and Fernandez we experienced a warm rain of money. They raise hundreds of thousands of francs, or millions.
Fernández, who rarely cared for Avaloq lately, now cares for his passions. They revolve around houses (crowdhouse) and racing cars (digital races).
The jump is favorably chosen. Avaloq suffered two major software debacles in Germany. In Ticino, the new Reyl-Intesa could drive the people out of Zurich.
Competitor Temenos is better off on the road. This is no longer the problem for Fernandez & Co., but for the new owners from the Far East.
Whether this will work remains to be seen. Failure to do so could lead to serious job cuts in Avaloq, in the Brunau district of Zurich.
