Accenture to Acquire Random Walk, Consulting Firm Specializing in Trading, Risk-Management and Other Capital Markets Technologies
NEW YORK; June 22, 2006 – Accenture has agreed to acquire Random Walk Computing, Inc., a technology consulting firm specializing in trading system applications, risk management systems and other technologies for banks, asset managers, exchanges and other financial services institutions. Terms of the transaction, which is expected to close within the next 60 days, were not disclosed.
The acquisition expands Accenture’s custom software integration and development capabilities for financial institutions that trade in stocks, bonds and derivative products. Founded in 1995, Random Walk serves more than 70 financial services firms and exchanges.
“Industry power shifts, new regulatory mandates and the growing challenges, opportunities and complexity of global trading are driving new demand for custom systems development and integration services,” said Bill Cline, managing director of Accenture’s Capital Market’s practice in North America and Asia-Pacific. “With our acquisition of Random Walk, we can help clients achieve high performance through a powerful mix of custom applications, standardized solutions, global support resources and associated consulting services, enabling them to compete and innovate in ways that would be impossible through commercial software alone.”
In 2005, financial services firms spent approximately $4.4 billion on software technologies, including custom and commercial applications and in-house technology development, according to Celent.
“Accenture’s extensive global capabilities and history of innovation in capital markets technology and operations greatly expands the value we can offer clients,” said Joel Scotkin, co-founder and chief executive officer of Random Walk. “By becoming part of Accenture, we are better positioned than ever to deliver the differentiated solutions needed to win in today’s financial services industry.”
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 129,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. Its home page is www.accenture.com.