Accenture has announced acquisition of Orbium, a Switzerland-based management consultancy and financial technology services provider, to mark its presence in private banking and wealth management globally.

The terms of transaction were not disclosed. Accenture said that the deal is subject to regulatory approvals.

Oribium, which is the largest services provider for the Avaloq Banking Suite, will equip Accenture with expertise and technical assets like project accelerators developed specifically for the core banking platform. The suite is used by more than 150 banks and wealth managers across the world.

“As the leader in Avaloq implementation, Orbium has a unique combination of management consultancy, technology and program-management resources and capabilities that will enable us to accelerate and scale our services to the wealth management industry globally — bringing efficiency and enhanced customer experience to the next generation of wealth managers and their clients,” said Michael Spellacy, senior managing director and head of global capital markets, Accenture.

Spellacy added that the move will also help Accenture meet industry needs for providing packaged core platforms, software-as-a-service and business process outsourcing.

According to Samir Gherbi, partner, Orbium, the deal will help the firm to expand its reach. Founded in 2004, Orbium has more than 500 employees and presence across Europe, Asia-Pacific and the US.

by Parnika Sokhi