Swiss banking software company Avaloq is not growing much, with sales adding less than ten percent in the first half and profit flat.

Avaloq has had a strong first half with brisk client demand and growth on a global basis, the Swiss software firm said in a statement on Thursday.

The figures however are far from glamorous. Sales increased 8 percent to 273 million Swiss francs ($282 million) in the first six months of the year. Since 2016, Avaloq has had single-digit growth. Pretax profit was 36 million francs, unchanged from a year ago.

Change of Business Model

Clients increasingly are demanding «software as a service» and «business process as a service», Avaloq said. The offering includes a different business model, whereby the client pays for a subscription instead of a license. This may partially explain the figures presented today.

Liquidity remains robust, the company added, with a strong cashflow and a significant increase in cash holdings.

Avaloq signed up a number of new clients in the first half, with U.K. wealth manager Smith & Williamson, Industrial Bank and Intesa Sanpaolo Private Banking Switzerland as examples. In total, some 29 clients went live with Avaloq solutions.