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.