Accenture is acquiring Orbium, a Switzerland-based management consultancy and technology services provider focused on the financial services industry. Financial terms of the buyout were not disclosed.
The deal will strengthen Accenture’s reach within the global private banking and wealth management spaces, according to the company.
Orbium is the largest services provider of the Avaloq Banking Suite, a digital and core banking software used by the banking and wealth management industry. The software is used by more than 150 organizations worldwide. According to Accenture, Orbium has triple the number of Avaloq-certified specialists of any other company and is authorized to provide training for Avaloq professional certification.
Orbum, founded in 2004, has grown to more than 500 employees. The company has offices in more than a dozen cities throughout Europe, Asia-Pacific, and the United States. Its clients include global tier-one banks, premium wealth managers and private banks.
Changes In The Financial Services Industry
The wealth management industry has been undergoing a number of changes in recent years. Where the business was once contingent on high-cost, in-house legacy solutions, that type of thinking has made way for more outsourcing.
That change could be fueling increased investment. Indeed, ChannelE2E has tracked a number of M&A deals throughout the financial services sector as more tech companies look to get into the action.
Among the deals we’ve tracked:
- Tata Consultancy Services (TCS) acquired BridgePoint Group in December 2018
- In September 108, Data Systems Technology Solutions bought Unicom Technologies Inc., a regional IT-provider for banks and credit unions.
- Thrive purchased InfoHedge Technologies in July 2018, an MSP and private cloud provider focused on financial services and hedge fund organizations.
- In October 2017, Thrive also acquired Precision IT, a managed services provider with financial services expertise.
Recent Accenture Acquisitions: The Company Buyout List
Meanwhile, Accenture has been very active on the M&A front. That company's recent acquisitions cut across cloud, security, digital transformation and other services. The deals have included:
- December 2018: Acquiring Knowledgent, a data intelligence company.
- December 2018: Acquiring Oracle cloud partner PrimeQ, a SaaS integrator and managed services provider (MSP) in Australia.
- December 2018: Acquiring Enaxis Consulting, a Houston-based digital consulting firm with experience in IoT, analytics, and robotics across the oil, gas and airline industries.
- November 2018: Investing in Financial Analytics Company Quantexa
- November 2018: Acquiring Adobe Partner Kaplan
- November 2018: Acquiring US-based SAP partner Intrigo Systems.
- November 2018: Buying Kolle Rebbe, a digital media agency.
- October 2018: Acquiring DAZ Systems to bolster its Oracle cloud services business.
- August 2018: Buying Mindtribe and Pillar Technology to help expand its Industry X.O digital practice.
- July 2018: Acquiring Kogentix for big data analytics and AI offerings.
- May 2018:Acquired Oracle partner Certus Solutions.
Accenture had a $1 billion war chest for acquisitions as of about 2017. We're poking around to see how much of that money has yet to be spent.