Accenture has agreed to acquire Switzerland-based Orbium, a management consultant and technology services provider for the financial industry.
Image: Accenture to acquire Orbium. Photo: Courtesy of Ilya Pavlov/Unsplash.
Accenture said the acquisition will further strengthen its ability to offer innovative services to clients in the private-banking and wealth-management space globally.
Financial terms of the deal were not disclosed. The acquisition is subject to customary closing conditions.
Orbium is claimed to be the largest services provider for the Avaloq Banking Suite, which provides digital and core banking software for the banking and wealth management industry, used by over 150 banks and wealth managers globally.
The Swiss fintech consultancy aligns the business strategy of private banks and wealth managers with their operating model and technology architecture to enhance their performance.
Established in 2004, Orbium has a workforce of more than 500, with offices in more than a dozen cities in Europe, Asia-Pacific and the US. Its client-base consists of global tier-one banks, premium wealth managers and private banks.
Accenture global capital markets practice head and senior managing director Michael Spellacy said: “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.
“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.”
Orbium is claimed to have three times the number of Avaloq-certified specialists of any other company and is authorized to provide training for Avaloq professional certification.
The acquisition can add Orbium’s expertise and global workforce along with its technical assets such as project accelerators developed specifically for the Avaloq platform.
Orbium partner Samir Gherbi 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.”