Accenture Buys Out Majority Stake in Italian Banking Tech Firm

Management and IT consultancy Accenture has acquired a majority stake in Italian banking technology firm SEC Servizi Spa from banking group Intesa Sanpaolo. The deal, for an undisclosed amount, will see Accenture walk away with an 80.8% stake in the firm. The IT services company hopes the deal will help it create a core banking platform that helps banks transition to digital, while establishing its foothold in Italy, where SEC Servizi Spa has several customers, including Intesa Sanpaolo. Intesa Sanpaolo acquired SEC Servizi last year as part of a deal to buy certain assets, liabilities and legal relationships of Banca Popolare di Vicenza and Veneto Banca.