Avaloq, the Switzerland-based provider of wealth management technology, has acquired a new client operating out of its home country.

Axion Swiss Bank, an asset management and private banking firm operating in the Alpine state, has signed a long-term contract with Avaloq for full business process outsourcing. The migration to the Avaloq service is expected to be completed by the start of January next year.

Financial terms of the outsourcing agreement weren’t disclosed.

The BPO move was made following the takeover of Axion Swiss Bank in early 2014 by Italy-based Banca dello Stato del Cantone Ticino.  The parent bank already uses the Avaloq Banking Suite.

“Nowadays, the smaller to mid-sized banks find it increasingly difficult to invest in technology innovation and to keep up with large-sized banks. With our solutions we help these banks close that gap as we continue to invest in technology and services. We are certain that Avaloq will be playing an integral part in Axion Swiss Bank being able to respond to the changing client demands,” Markus Gröninger, chief executive of Avaloq Sourcing (Switzerland & Liechtenstein) said.

To see another recent Avaloq agreement with a bank, see here.