Accenture Completes Acquisition of Orbium, a Business and Technology Consultancy to the Financial Services Industry
February 14 2019 - 8:45AM
Business Wire
Acquisition gives Accenture a leading position
globally in Avaloq implementation
Accenture (NYSE: ACN) has completed its acquisition
of Orbium, a management consultancy and technology services
provider to the financial services industry, further strengthening
its ability to provide innovative services to clients in the
private-banking and wealth-management space globally. Terms of the
transaction were not disclosed.
Headquartered in Switzerland, Orbium is the largest services
provider for the Avaloq Banking Suite — a leader in digital and
core banking software for the banking and wealth management
industry, used by more than 150 banks and wealth managers
worldwide. A market leader in the delivery of Avaloq-enabled
business transformation projects, Orbium has triple the number of
Avaloq-certified specialists of any other company and is authorized
to provide training for Avaloq professional certification.
“Wealth managers have a huge opportunity to win scale
efficiencies through new digital technologies,” said Michael
Spellacy, senior managing director and head of Accenture’s capital
markets practice. “This acquisition gives our clients a more rapid
path to innovations that will make them competitive in the next
decade and beyond.”
The acquisition provides Accenture with the expertise of
Orbium’s global workforce as well as technical assets including
project accelerators developed specifically for the Avaloq
platform.
Avaloq CEO Juerg Hunziker said: “We’re thrilled to see
Accenture’s increased commitment to the Avaloq platform.
Accenture’s acquisition of Orbium will scale up and accelerate
their Avaloq implementation expertise and reinforce our existing
digital transformation capabilities for wealth managers and banks
globally. We would like to thank the Orbium team for their part in
our long-standing successful collaboration and their impressive
track record in implementing our platform, and we look forward to
continuing our partnership with Accenture even more closely.”
Founded in 2004, Orbium has more than 500 employees and offices
in more than a dozen cities across Europe, Asia-Pacific and the
United States. Its clients include global tier-one banks, premium
wealth managers and private banks.
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 469,000 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190214005495/en/
Sean ConwayAccenture+1 917 452
7116sean.k.conway@accenture.com
Accenture (NYSE:ACN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Accenture (NYSE:ACN)
Historical Stock Chart
From Sep 2023 to Sep 2024