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Accenture acquires select assets of financial software firm Zafin

By January 8, 2019 No Comments

Acquisitive Accenture will buy some select assets of Canadian financial services software Zafin as it lusts for more money from legacy information technology (IT) systems.

Terms of the transaction were not disclosed and it is not buying the entire firm.

With the deal Accenture says it will serve as a preferred integrator of the Zafin financial software platform and “select employees” (sounds like The Hunger Games) from Zafin will join its financial services practice.

Alan McIntyre, a senior MD at Accenture and head of its global banking practice, says: “Zafin’s software enables financial institutions to improve their pricing, personalisation and product configuration without having to replace their legacy systems.”

According to Accenture, the new relationship will strengthen its ability to help financial institutions modernise their legacy IT systems and enhance their digital services programmes.

The acquisition is subject to customary closing conditions and expected to close in the first quarter of 2019.

Earlier this month, Accenture completed its acquisition of Italian banking tech firm SEC Servizi as it hunts for core banking and digital action. It may also have inherited some complexities over job guarantees.

Last month Accenture partnered with and made a minority investment in Quantexa, a data analytics firm.

Silence is said to be golden, but Zafin has not been that active (or at least communicative) in the fintech world.

Its last update on its site was in May, when it partnered with Celero, a provider of IT solutions to credit unions across Canada.

In April it teamed with fintech community Empire Startups to hunt out more deals in the US market.