Accenture Acquires Parker Fitzgerald, Enhancing Its Risk Advisory and Assurance Capabilities for the Financial Services Indus...
August 19 2019 - 7:01PM
Business Wire
Acquisition creates one of the largest risk and
regulatory consulting practices in the U.K.
Accenture (NYSE: ACN) has acquired Parker Fitzgerald, a
strategic advisor and consulting partner to leading global
financial institutions, further enhancing the business and
technology capabilities within its Finance and Risk practice. Terms
of the transaction were not disclosed.
Founded in 2008 in response to the global financial crisis,
Parker Fitzgerald advises financial services companies on financial
and non-financial risk, regulation and financial technology. The
firm provides strategic advice, independent assurance and
market-leading solutions to help clients navigate risks, reduce
operational complexity and improve their overall risk-adjusted
performance.
Parker Fitzgerald’s advisory and assurance expertise and
regulatory experience will complement Accenture’s consulting and
technology capabilities and strengthen Accenture’s client response
to the evolving risk landscape in financial services.
“Financial services companies continue to contend with the
impact of economic and geopolitical uncertainties, regulatory
challenges and digital transformation,” said Tara Brady, who leads
Accenture’s Financial Services practice in the U.K. “Parker
Fitzgerald has a successful track record helping clients navigate
ever-increasing disruption and uncertainty, and the combination of
their risk advisory and assurance expertise with Accenture’s
consulting and digital capabilities will be a strong
differentiator, enhancing our services to U.K. financial
institutions.”
Scott Vincent, founder and CEO of Parker Fitzgerald said,
“Helping clients optimize their performance in a rapidly evolving
risk environment remains our utmost priority. Accenture’s
tremendous scale and scope, coupled with their data- and
technology-focused expertise in finance and risk, will enable us to
expand our geographic reach and provide high-quality services to an
even-broader client base.”
Peter Beardshaw, who leads Accenture’s Financial & Risk
practice in the U.K., said, “Parker Fitzgerald’s skills, approach
to financial risk management and long-standing regulatory
relationships are at the heart of the risk management agenda and
will enable us to provide clients with an even greater level of
risk and assurance services and solutions.”
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions — underpinned by the world’s largest
delivery network — Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With 482,000 people
serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
About Parker Fitzgerald
Parker Fitzgerald is an award-winning strategic advisor and
consulting partner to the world’s leading financial institutions.
Headquartered in London, our global network of senior industry
practitioners, technical experts and change specialists is trusted
by the leaders of the world’s largest financial institutions,
regulatory authorities and government agencies. We are experts in
all areas of financial and non-financial risk, regulation and
financial technology. We provide strategic advice, independent
assurance and market-leading solutions to help our clients navigate
their most critical issues, reduce complexity and improve their
overall risk-adjusted performance. Our unparalleled knowledge and
experience in financial services, world-class thinking and
excellence in delivery has seen Parker Fitzgerald recognized as one
of the most dynamic and progressive consulting firms in Europe.
For more information go to www.parker-fitzgerald.com.
Forward-Looking Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook” and similar expressions are used to identify these
forward-looking statements. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied. These
include, without limitation, risks that: the transaction might not
achieve the anticipated benefits for Accenture; Accenture’s results
of operations could be adversely affected by volatile, negative or
uncertain economic and political conditions and the effects of
these conditions on the company’s clients’ businesses and levels of
business activity; Accenture’s business depends on generating and
maintaining ongoing, profitable client demand for the company’s
services and solutions including through the adaptation and
expansion of its services and solutions in response to ongoing
changes in technology and offerings, and a significant reduction in
such demand or an inability to respond to the changing
technological environment could materially affect the company’s
results of operations; if Accenture is unable to keep its supply of
skills and resources in balance with client demand around the world
and attract and retain professionals with strong leadership skills,
the company’s business, the utilization rate of the company’s
professionals and the company’s results of operations may be
materially adversely affected; Accenture could face legal,
reputational and financial risks if the company fails to protect
client and/or company data from security breaches or cyberattacks;
the markets in which Accenture operates are highly competitive, and
Accenture might not be able to compete effectively; changes in
Accenture’s level of taxes, as well as audits, investigations and
tax proceedings, or changes in tax laws or in their interpretation
or enforcement, could have a material adverse effect on the
company’s effective tax rate, results of operations, cash flows and
financial condition; Accenture’s profitability could materially
suffer if the company is unable to obtain favorable pricing for its
services and solutions, if the company is unable to remain
competitive, if its cost-management strategies are unsuccessful or
if it experiences delivery inefficiencies; Accenture’s results of
operations could be materially adversely affected by fluctuations
in foreign currency exchange rates; as a result of Accenture’s
geographically diverse operations and its growth strategy to
continue geographic expansion, the company is more susceptible to
certain risks; Accenture’s business could be materially adversely
affected if the company incurs legal liability; Accenture’s work
with government clients exposes the company to additional risks
inherent in the government contracting environment; if Accenture is
unable to manage the organizational challenges associated with its
size, the company might be unable to achieve its business
objectives; if Accenture does not successfully manage and develop
its relationships with key alliance partners or fails to anticipate
and establish new alliances in new technologies, the company’s
results of operations could be adversely affected; Accenture’s
ability to attract and retain business and employees may depend on
its reputation in the marketplace; Accenture might not be
successful at acquiring, investing in or integrating businesses,
entering into joint ventures or divesting businesses; if Accenture
is unable to protect its intellectual property rights or if
Accenture’s services or solutions infringe upon the intellectual
property rights of others or the company loses its ability to
utilize the intellectual property of others, its business could be
adversely affected; changes to accounting standards or in the
estimates and assumptions Accenture makes in connection with the
preparation of its consolidated financial statements could
adversely affect its financial results; many of Accenture’s
contracts include payments that link some of its fees to the
attainment of performance or business targets and/or require the
company to meet specific service levels, which could increase the
variability of the company’s revenues and impact its margins;
Accenture’s results of operations and share price could be
adversely affected if it is unable to maintain effective internal
controls; Accenture might be unable to access additional capital on
favorable terms or at all and if the company raises equity capital,
it may dilute its shareholders’ ownership interest in the company;
Accenture may be subject to criticism and negative publicity
related to its incorporation in Ireland; as well as the risks,
uncertainties and other factors discussed under the “Risk Factors”
heading in Accenture plc’s most recent annual report on Form 10-K
and other documents filed with or furnished to the Securities and
Exchange Commission. Statements in this news release speak only as
of the date they were made, and Accenture undertakes no duty to
update any forward-looking statements made in this news release or
to conform such statements to actual results or changes in
Accenture’s expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20190819005512/en/
Melissa Volin Accenture +1 267 216 1815
melissa.volin@accenture.com
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