Avaloq a Swiss-based provider of banking software has acquired German firm Höll Computer & Software. The terms of the deal were not disclosed. Avaloq aims to establish its presence in Germany, a market it describes as “strategically vital.”

All 30 of Höll’s employees will be kept on including its founder Roland Höll, who will continue as managing director. Avaloq will also retain Höll’s head office in Rüsselsheim, Germany. Over time Höll’s banking software assets will be integrated into the Avaloq banking system.

"Acquiring Höll Computer & Software is another important step in our internationalisation 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." said Francisco Fernandez, Avaloq’s chief executive.