Accenture ups wealth game with Orbium acquisition
Accenture aims to improve its ability to provide innovation in the private banking and wealth management space.
Terms of the transaction were not disclosed.
Orbium is a services provider for Swiss tech vendor Avaloq and its flagship core banking system, Avaloq Banking Suite. The company says it helps private banks and wealth managers improve their performance by matching business strategy with their operating model and technology architecture.
The firm says it has “a very high number” of Avaloq-certified specialists and is authorised to provide training for Avaloq professional certification.
“The wealth management industry is moving from high-cost, inflexible in-house and legacy solutions to packaged core platforms, Software-as-a-Service (SaaS) and business process outsourcing, which provide the modern open architectures required to deliver the new digital services the industry demands,” says Michael Spellacy, senior managing director and head of Accenture’s global capital markets practice.
Founded in 2004, Orbium has more than 500 employees and offices in over a dozen cities across Europe, Asia-Pacific and the US.
Its clients include global tier-one banks, premium wealth managers and private banks.
The acquisition is subject to customary closing conditions.