HCL acquires Confinale
By MYBRANDBOOK
The UK arm of India's HCL Technologies has agreed to buy Confinale, a Swiss digital banking and wealth management consulting specialist and Avaloq premium implementation partner in an undisclosed amount.
With this acquisition, HCL will expand its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities. Prior to the deal, HCL defined a global partnership expansion with Avaloq to develop a life cycle management centre for Avaloq clients.
Rahul Singh, President, 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.”
Confinale focuses on IT consulting in the banking and wealth management sector, boasting one of the largest independent pools of Avaloq-certified specialists in Europe. With offices in Switzerland, including Zurich, Zug and Geneva, and also in Dusseldorf and London, Confinale works with a number of leading banks and wealth advisors.
Confinale CEO Roland Staub said, “We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this.” The acquisition is subject to customary closing conditions, which is expected to be concluded in due course.
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