HCL Technologies Signs Deal to Acquire Wealth Management Specialist Confinaleby Fintechnews Switzerland May 9, 2022
HCL Technologies UK Limited, a wholly owned subsidiary of global technology company HCL Technologies (HCL), has signed a definitive agreement for the acquisition of Confinale, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner.
Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq’s consulting, implementation and management capabilities.
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 is one of only four companies to be awarded the title of Avaloq Premium Implementation Partner.
With offices in Switzerland including Zurich, Zug and Geneva; as well as Düsseldorf and London, Confinale works with a host of banks and wealth advisors.
The intellectual properties that are a part of this acquisition support HCL’s strategy to create specialised vertical domain capabilities.
This builds upon HCL’s recently expanded global partnership with Avaloq and its acquisition of German IT consulting company gbs in association with apoBank in December 2021.
The acquisition is subject to customary closing conditions, which is expected to be completed in due course.
“Becoming part of HCL is an exciting new chapter for Confinale. We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this.
It is a truly global player with strong heritage in the financial services sector. HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities.”
said Roland Staub, CEO, Confinale.
“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.
We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”
said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies.