Accenture to Form Strategic Alliance with and Acquire Select Professional Services Assets from Financial Software Firm Zafin
December 12 2018 - 8:29AM
Business Wire
Alliance and acquisition will enhance
Accenture’s capabilities in financial services innovations,
modernization and transformation and Zafin’s continued focus on
developing market-leading software solutions
Accenture (NYSE: ACN) has entered into an agreement to form a
strategic alliance with Zafin, a worldwide leader in financial
services software headquartered in Canada, under which Accenture
will serve as a preferred integrator of the Zafin financial
software platform as part of a joint go-to-market strategy.
In a related agreement, select employees from Zafin’s
professional services business will join Accenture’s global
Financial Services practice, giving Accenture additional technical
integration and development abilities that will enhance its
financial services offerings. Terms of the transaction were not
disclosed.
The new relationship will further strengthen Accenture’s ability
to help financial institutions modernize their legacy information
technology (IT) systems and enhance their digital services programs
while enabling Zafin to continue its focus on developing
market-leading financial services software solutions.
Zafin’s market-leading software and services help power pricing,
product and customer strategies for many of the world’s largest
financial institutions, providing essential new capabilities along
their digital transformation and modernization journeys. The
company’s technology platform is designed to modernize and augment
legacy IT infrastructures that underpin the financial services
industry. Its solutions enable banks to increase revenue
generation, drive customer transparency and aid in regulatory
compliance, ultimately enhancing their agility and their ability to
improve the customer experience and build more personalized and
profitable relationships.
“Many financial institutions are hindered in enhancing their
customer experience by the limitations of legacy IT systems,” said
Alan McIntyre, a senior managing director at Accenture and head of
its global Banking practice. “Zafin’s software enables financial
institutions to improve their pricing, personalization and product
configuration without having to replace their legacy systems. We
look forward to working with Zafin to deliver these capabilities to
our financial services clients globally.”
Al Karim Somji, founder and group CEO of Zafin, said, “These
agreements with Accenture will enable us to sharpen our focus
squarely on product innovation and technology. We are particularly
proud of the work we’ve done with our clients globally and expect
our expanded relationship with Accenture to enable us to accelerate
our momentum in the market. This deal simplifies our operating
model and provides Zafin with rapid scalability.”
The acquisition is subject to customary closing conditions and
expected to close in the first quarter of 2019.
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 459,000 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 Zafin
Established in 2002, Zafin (@Zafin) is a worldwide leader in
financial services software that drives relationship pricing,
bundling and rates management strategies for global financial
institutions. Built from the ground up for financial services, its
platform empowers financial institutions to increase revenue and
efficiency by modernizing legacy infrastructure and enables
financial institutions to build more personalized and profitable
client relationships. Headquartered in Toronto with offices around
the globe, Zafin is trusted by some of the world’s largest retail
and corporate banks to provide more compelling products and
experiences to their clients. Visit us at Zafin.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: Accenture and Zafin will
not be able to close the transaction in the time period
anticipated, or at all, which is dependent on the parties’ ability
to satisfy certain closing conditions; 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/20181212005414/en/
Melissa VolinAccenture+1 267 216
1815melissa.volin@accenture.com
Don HalliwellZafin+1 647 537 6452don.halliwell@zafin.com
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