Accenture Accquires Swiss Consulting Firm Orbium
Accenture continues its string of acquisitions with the purchase of Orbium, a Swiss management and technology consultancy for financial firms. The consultancy works with financial institutions globally, on projects covering organisational change, upgrades to the technology infrastructure, regulatory compliance and product ecosystem. It is also the largest service provider for the Avaloq banking suite, digital and core banking software for the banking and wealth management industry, used by more than 150 banks and wealth managers worldwide. The latter will allow Accenture to broaden the range of client infrastructures it serves. Specifically, the company has expressed interest in as well as Orbium’s 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.