Accenture and Hanwha S&C Enter Strategic Collaboration Agreement to Market IT Solutions to Korean Financial Services Firms
Accenture and Hanwha S&C to jointly manage applications for Hanwha Group’s financial services affiliates under separate agreement
SEOUL; April 13, 2010 - Accenture (NYSE: ACN) and Hanwha S&C have signed an eight-year collaboration agreement to jointly market information technology (IT) solutions and services to insurers, securities firms and banks in South Korea. The two companies have also signed an eight-year agreement to jointly provide application management services to Hanwha Group’s financial services affiliates.
Under the collaboration agreement, Hanwha S&C and Accenture will establish sales and support teams with members from both companies to jointly develop, market and implement technology services for the Korean financial services firms. The two companies will further strengthen their IT services capabilities by implementing Accenture’s skills-development programs for both companies’ IT professionals. In addition, Hanwha S&C and Accenture will work closely together to tailor Accenture’s financial services solutions to the Korean market.
“We will set new standards for the IT industry by providing solutions that improve the performance of domestic financial services firms,’ said Choi, Chang Won, Managing Director of Hanwha S&C “Accenture is recognized as a leading IT services company worldwide, making it an ideal business partner in these efforts. This agreement combines the strengths of two companies with complementary skills and assets and presents a new opportunity for financial services companies in South Korea to profit from technology innovation.”
“Our IT transformation approach responds to the challenge of maintaining strong and competitive IT capabilities to improve business value and performance, while at the same time reducing IT spending,” said Steven Lee, a senior executive who leads Accenture’s Financial Services practice in South Korea. “By combining Hanwha S&C’s knowledge of the Korean market with Accenture’s deep industry skills and track record of IT innovation, we can deliver tailored solutions to financial services firms in South Korea that enable them to run their businesses more efficiently and competitively.”
Under the application management services agreement, Hanhwa S&C and Accenture will jointly manage various applications for Hanwha Group’s financial services affiliates. The two companies will team to continuously improve the quality and performance of the IT services for the affiliates.
“This relationship is a win-win scenario for both companies,” said Mr. Choi. “It gives Hanwha S&C access to Accenture’s world-leading application management expertise and proven methodologies and opens new business opportunities for Accenture in Korea.”
About Hanwha Group
Founded in 1952, Hanwha Group is one of Korea’s top ten conglomerates with diversified holdings stretching from chemical, manufacturing, construction to finance, leisure and service. The group is effectively operated through a network 28 domestic affiliates and 52 overseas branches and subsidiaries.
About Hanwha S&C
Hanwha S&C was established in 1992 as a Hanwha Group division to provide network services to Hanwha Group’s affiliates, and separated from Hanwha Group to become a total IT solution provider in 2001. The distinctive business portfolio has expanded steadily since then and now includes IT consulting, service management, systems integration, network integration, industrial automation, building automation, and home network solutions.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with more than 181,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009. Its home page is www.accenture.com.
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Sean Conway
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Francois Luu
Accenture
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