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HCL buys Avaloq implementation partner Confinale

HCL buys Avaloq implementation partner Confinale

The UK arm of India's HCL Technologies has agreed to buy Confinale, a Swiss digital banking and wealth management consulting specialist and Avaloq premium implementation partner. Financial terms were not disclosed.

The deal comes a month after HCL outlined a global partnership expansion with Avaloq, which will see the company develop a life cycle management centre for Avaloq clients.

Confinale focuses on IT consulting in the banking and wealth management sector, boasting one of the largest independent pools of Avaloq-certified specialists in Europe.

Rahul Singh, president, financial services and digital process operations, HCL Technologies, says: "This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector."

HCL also recently bought apoBank, a German IT consulting company.

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