Accenture Buys Canadian Fintech Consultancy

Accenture

We all know that fintech is a hot hot hot sector for the big accounting firms.  Some have innovation labs and fintech directives, others are just stepping into the whole fray.  Accenture PLC knows that it’s an incredibly important category, so much so that they have announced the acquisition of the Canadian fintech consultancy Verax Solutions to help them further grow their fintech offering in North America.  They are also on a directive to open 10 innovation centers and create 15,000 new jobs by 2020.  
(Cindy Taylor, Publisher)

“Continuing with its strategy of growing through acquisitions, Accenture Plc ACN recently announced that it has acquired VERAX Solutions – a consulting firm – which mainly focuses on the financial sector in Canada. Financial terms of the deal remain undisclosed.

Founded in 2003, the privately-owned VERAX offers IT strategy, project and program management, enterprise architecture consulting, compliance and risk solutions, as well as business intelligence and data warehousing services to banking, insurance and capital markets companies based in Canada. The company currently has 180 employees and operates through its offices in Toronto and Halifax.

By integrating VERAX, Accenture will not only get a large talent pool, but will also gain a huge customer base in Canada, thereby expanding its reach in different markets. We believe that this acquisition will fortify Accenture’s presence in the financial consulting market and help in gaining more market share as well.

We are encouraged by Accenture’s strategy of growing through acquisitions. These buyouts have enabled the company to foray into newer markets, diversify and broaden the product portfolio, as along with maintaining a leading position. We believe that regular acquisitions will significantly prove conducive to its revenue growth.

Notably, shares of Accenture have outperformed the industry to which it belongs to, in a year’s time. The stock has returned 12.7% compared with the industry’s gain of 12%…”

Full Story at Nasdaq.com