Accenture has agreed to acquire Orbium, a management consultancy and technology services provider to the financial services industry, headquartered in Switzerland.
The acquisition will further strengthen Accenture’s ability to provide innovative services to clients in the private-banking and wealth-management space globally. Terms of the transaction were not disclosed.
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. Orbium helps private banks and wealth managers improve their performance by aligning their business strategy with their operating model and technology architecture.
Orbium’s unparalleled knowledge of the global wealth management industry has made the company a market leader in the delivery of Avaloq-enabled business transformation projects. The firm has triple the number of Avaloq-certified specialists of any other company and is authorized to provide training for Avaloq professional certification. The acquisition will provide Accenture with the expertise of Orbium’s global workforce as well as technical assets including project accelerators developed specifically for the Avaloq platform.
“The wealth management industry is moving from high-cost, inflexible in-house and legacy solutions to packaged core platforms, software-as-a-service and business process outsourcing, which provide the modern open architectures required to deliver the new digital services the industry demands,” said Michael Spellacy, senior managing director and head of Accenture’s global capital markets practice. “As the leader in Avaloq implementation, Orbium has a unique combination of management consultancy, technology and program-management resources and capabilities that will enable us to accelerate and scale our services to the wealth management industry globally — bringing efficiency and enhanced customer experience to the next generation of wealth managers and their clients.”
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.
Samir Gherbi, a partner at Orbium, said, “We are tremendously excited about the new opportunities that we will be able to bring to our clients and our people by becoming part of Accenture. In leveraging Accenture’s leading-edge capabilities, we will be able to significantly expand the reach and scope of our market solutions. Accenture and Orbium share a common focus: our clients’ success.”
The acquisition is subject to customary closing conditions.
Contributed | what does this mean?