22.5 C
New York

HCL to buy Swiss based digital banking specialist



All-cash deal is believed to be around ₹15 crore

HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), on Monday said it has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation partner.

The acquisition is subject to customary closing conditions, which is expected to be completed in due course, and the deal size is believed to be around ₹15 crore in all cash.

Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities, the company said in a statement.

Founded in 2012, Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector. Confinale has one of the largest independent pools of Avaloq-certified specialists in Europe and its in-house developed products and solutions accelerate the implementation of the Avaloq platform, it 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,” said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies.

Published on May 09, 2022

You May Also Like

Recommended for you

Related articles

Recent articles