HCL Technologies to acquire Digital Banking and Wealth Management Specialist ‘Confinale’

HCL Applied sciences UK Restricted, a completely owned subsidiary of HCL Technologies (HCL), a number one international know-how firm, has signed a definitive settlement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth administration consulting specialist and Avaloq Premium Implementation Associate.

By this strategic acquisition, HCL will improve its footprint within the international wealth administration market with emphasis on Avaloq consulting, implementation and administration capabilities.

On Monday at round 12:56 PM, HCL Applied sciences was buying and selling at Rs1,073.70 apiece up by Rs23.55 or 2.24% on the BSE.

Based in 2012, Confinale focuses on IT consulting in key specialist areas within the banking and wealth administration sector. Confinale has one of many largest impartial swimming pools of Avaloq-certified specialists in Europe and its in-house developed merchandise and options speed up the implementation of the Avaloq platform.

Confinale is considered one of solely 4 corporations to be awarded the title of Avaloq Premium Implementation Associate. With workplaces in Switzerland together with Zurich, Zug and Geneva; in addition to Düsseldorf and London, Confinale works with a number of main banks and wealth advisors.

The mental properties which might be part of this acquisition help HCL’s technique to create specialised vertical area capabilities and positions the corporate as a frontrunner in end-to-end implementation and lifecycle administration of the Avaloq platform. This builds upon HCL’s not too long ago expanded international partnership with Avaloq and its acquisition of German IT consulting firm gbs in affiliation with apoBank in December 2021.

“Turning into a part of HCL is an thrilling new chapter for Confinale,” stated Roland Staub, CEO, Confinale. “We strongly consider within the want for banking experience mixed with software program competence and HCL is the proper match for this. It’s a really international participant with robust heritage within the monetary companies sector. HCL’s attain will allow us to additional our development and on the identical time expose our crew to new studying and innovation alternatives.”

“There may be important disruption happening in international wealth administration and this implies a possibility for technology-led innovation,” stated Rahul Singh, President of Monetary Providers and Digital Course of Operations, HCL Applied sciences. “This acquisition considerably strengthens HCL’s digital wealth and asset administration capabilities and expands our presence within the coronary heart of the worldwide funding banking sector. We welcome the crew from Confinale and look ahead to persevering with to drive digital banking innovation alongside Avaloq.”

“At Avaloq we welcome the approaching collectively of two of our key strategic companions,” stated Martin Greweldinger, Co-Chief Govt Officer, Avaloq. “Each HCL and Confinale have appreciable area information in monetary companies and deep understanding of our know-how.

We see the mix as immensely helpful as Confinale has robust implementation credentials, together with being awarded as greatest implementation accomplice in 2020 and 2021. We consider that this coming collectively will assist speed up digital wealth transformation for our purchasers and in flip improve the tempo of adoption of Avaloq’s services globally.”