Global IT consultancy firm Accenture has acquired a Swiss technology services provider Orbium as part of its broader strategy designed to woo wealth managers using the popular core banking platform, Avaloq Banking Suite.
Founded in 2004, Orbium is the largest services provider for the banking platform used by more than 150 banks and wealth managers around the world. The company claims to have three times the number of Avaloq-certified specialists than any other company.
In addition, it is among a very few service vendors authorized to provide training for Avaloq professional certification.
Orbium also makes money by advising private bankers and wealth managers on leveraging digital technology. It examines their business model and recommends a digital transformation strategy that suits their need.
Accenture stated in a press release that Orbium helps private banks and wealth managers improve their performance by aligning their business strategy with their operating model and technology architecture.
“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.
Orbium has more than 500 employees, most of whom are Avaloq certified specialists, and offices in more than a dozen cities across Europe, Asia-Pacific, and the United States.
Financial details of the deal were not disclosed.