Accenture to enhance core banking platform with SEC Servizi acquisition

Accenture has completed its acquisition of Italian banking technology service provider, SEC Servizi Spa from the Intesa Sanpaolo Group. Accenture now has 80.8% ownership in SEC Servizi and will also be acquiring the remaining interests held by other shareholders.

Established in 1972, SEC Servizi is a consortium formed by Italian banks to provide IT services and outsourcing solutions for banks and other financial institutions in the country. Its offerings include application and facility management, centralized back office services and specialized multi-channel, consulting, education and support solutions. The company reportedly manages more than 21 million transactions per day for nearly 1,400 bank branches in Italy and had revenues of EUR 152 million by the end of 2017. Some of its clients include Banca di Credito Popolare, Banca Italo Romena, Banca Nuova, Veneto Banca, Allianz Bank Financial Advisors, others. Intesa Sanpaolo acquired SEC Servizi in 2017 as part of the acquisition of certain assets, liabilities and legal relationships of Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A, both in compulsory administrative liquidation.

The acquisition of SEC Servizi’s expertise and technology and operational assets will enable Accenture to create an advanced and innovative core banking platform that can support banks in their transition to digital. This transaction will help to establish Accenture as a leader in the banking technology market in Italy, serving SEC Servizi Spa’s existing customers, including Intesa Sanpaolo and other mid-sized financial institutions in Italy.

After slowly recovering from the financial crisis, Italian banks are now looking at modernizing their technology infrastructure and are increasingly relying on digital resources to remain competitive in the market and align their services to the digital savvy customer. An indication of this is the drop in the number
of branches at the end of 2017 which was was 20 per cent lower than in 2008.  Banks such as Unicredit, Intesa Sanpaolo, Monte dei Paschi, Mediobanca, Banca Carige are leading the way with digitalization initiatives ranging from contactless payments, virtual reality branches, robo advisory service, etc.

For Accenture, this presents an opportune time to enhance its core banking technology services with the acquisition of SEC Servizi Spa.