December 12, 2018
Accenture to Form Strategic Alliance with and Acquire Select Professional Services Assets from Financial Software Firm Zafin
Alliance and acquisition will enhance Accenture’s capabilities in financial services innovations, modernization and transformation and Zafin’s continued focus on developing market-leading software solutions
NEW YORK and TORONTO; Dec. 12, 2018 – Accenture (NYSE: ACN) has entered into an agreement to form a strategic alliance with Zafin, a worldwide leader in financial services software headquartered in Canada, under which Accenture will serve as a preferred integrator of the Zafin financial software platform as part of a joint go-to-market strategy.
In a related agreement, select employees from Zafin’s professional services business will join Accenture’s global Financial Services practice, giving Accenture additional technical integration and development abilities that will enhance its financial services offerings. Terms of the transaction were not disclosed.
The new relationship will further strengthen Accenture’s ability to help financial institutions modernize their legacy information technology (IT) systems and enhance their digital services programs while enabling Zafin to continue its focus on developing market-leading financial services software solutions.
Zafin’s market-leading software and services help power pricing, product and customer strategies for many of the world’s largest financial institutions, providing essential new capabilities along their digital transformation and modernization journeys. The company’s technology platform is designed to modernize and augment legacy IT infrastructures that underpin the financial services industry. Its solutions enable banks to increase revenue generation, drive customer transparency and aid in regulatory compliance, ultimately enhancing their agility and their ability to improve the customer experience and build more personalized and profitable relationships.
“Many financial institutions are hindered in enhancing their customer experience by the limitations of legacy IT systems,” said Alan McIntyre, a senior managing director at Accenture and head of its global Banking practice. “Zafin’s software enables financial institutions to improve their pricing, personalization and product configuration without having to replace their legacy systems. We look forward to working with Zafin to deliver these capabilities to our financial services clients globally.”
Al Karim Somji, founder and group CEO of Zafin, said, “These agreements with Accenture will enable us to sharpen our focus squarely on product innovation and technology. We are particularly proud of the work we’ve done with our clients globally and expect our expanded relationship with Accenture to enable us to accelerate our momentum in the market. This deal simplifies our operating model and provides Zafin with rapid scalability.”
The acquisition is subject to customary closing conditions and expected to close in the first quarter of 2019.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 459,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
Established in 2002, Zafin (@Zafin) is a worldwide leader in financial services software that drives relationship pricing, bundling and rates management strategies for global financial institutions. Built from the ground up for financial services, its platform empowers financial institutions to increase revenue and efficiency by modernizing legacy infrastructure and enables financial institutions to build more personalized and profitable client relationships. Headquartered in Toronto with offices around the globe, Zafin is trusted by some of the world’s largest retail and corporate banks to provide more compelling products and experiences to their clients. Visit us at Zafin.com.
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: Accenture and Zafin will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the changing technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security breaches or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
# # #
+1 267 216 1815
+1 647 537 6452