HCL Tech to buy digital banking, wealth management specialist Confinale

Industry:    2 weeks ago

HCL Technologies UK, a wholly-owned subsidiary of HCL Technologies (HCL), has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist.

With this strategic acquisition, the leading global technology company aims to increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation, and management capabilities, the HCL said in a statement.

Confinale CEO Roland Staub said, “Becoming part of HCL is an exciting new chapter for the company. We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this. It is a truly global player with strong heritage in the financial services sector.”

“HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities,” Staub further added.

Rahul Singh, president of Financial Services and Digital Process Operations, HCL Technologies said 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.

Founded in 2012, Switzerland-based Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector. It has one of the largest independent pools of Avaloq-certified specialists in Europe and its in-house developed products and solutions accelerate the implementation of the Avaloq platform.

With offices in Switzerland including Zurich, Zug and Geneva; as well as Düsseldorf and London, Confinale works with a host of leading banks and wealth advisors.

Confinale is one of only four companies to be awarded the title of Avaloq Premium Implementation Partner.

The acquisition is subject to customary closing conditions, which is expected to be concluded in due course.

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