Accenture, a global management consulting and professional services firm, has acquired a majority stake in Italy-based banking technology service provider SEC Servizi Spa.
Image: Accenture has acquired banking technology service provider SEC Servizi Spa. Photo: courtesy of rawpixel / Unsplash.
Accenture purchased 80.8% stake in SEC Servizi from Intesa Sanpaolo Group.
Founded in 1972, SEC Servizi offers technology services and software applications to financial institutions.
SEC Servizi has been established to offer IT services and outsourcing solutions for banks and other financial institutions in Italy.
The company’s services include application and facility management, centralized back office services and specialized multi-channel, consulting, education and support solutions.
Accenture is also provided with an option to purchase the remaining stake in SEC Servizi held by other shareholders.
The acquisition will help Accenture to use Servizi’s expertise and technology and operational to create an advanced core banking platform. The new platform can be used by banks to upgrade to advanced digital technology.
The acquired business will enable Accenture to expand its presence in the banking technology market in Italy.
Accenture will also continue to provide services SEC Servizi’s existing customers, including Intesa Sanpaolo and other mid-sized financial institutions in Italy
Last year, Intesa Sanpaolo acquired SEC Servizi, as part of its acquisition of certain assets, liabilities and legal relationships of Banca Popolare di Vicenza and Veneto Banca under in compulsory administrative liquidation.
Intesa Sanpaolo is a major banking group in the euro zone and serves all business areas in the Italian market, including retail, corporate, and wealth management.
With a network of around 4,400 branches, Intesa Sanpaolo provides services to around 11.9 million customers in Italy.
The group also carries out international operations with around 1,000 branches and 7.5 million customers.
Through its subsidiaries, Intesa Sanpaolo offers commercial banking services in 12 countries in Central Eastern Europe and Middle Eastern and North African areas and manages an international network of specialists to serve corporate customers across 25 countries.
Accenture offers a range of services and solutions in strategy, consulting, digital, technology and operation sectors.
With around 459,000 employees, the company provides services to clients in more than 120 countries.