HCL Technologies UK, a wholly-owned subsidiary of HCL Technologies (HCL), has agreed to acquire Switzerland-based digital banking and wealth management consulting specialist Confinale for an undisclosed sum.
Founded in 2002, Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector.
The Avaloq Premium Implementation Partner claims to offer in-house developed products and solutions that accelerate the implementation of the Avaloq platform. The firm has a presence in Düsseldorf and London in addition to its offices in Zurich, Zug and Geneva.
“Becoming part of HCL is an exciting new chapter for Confinale,” said Roland Staub, CEO, Confinale. “We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this. HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities.”
Through the acquisition, HCL will extend its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.
The intellectual properties that are a part of this acquisition support HCL’s strategy to create specialised vertical domain capabilities.
“This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector,” added Rahul Singh, President of financial services and digital process operations at HCL Technologies. “We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”
The deal follows HCL’s recently expanded global partnership with Avaloq and its acquisition of German IT consulting company gbs in association with apoBank in December last year.
The acquisition is subject to customary closing conditions, which are expected to be finalised in due course.
