Accenture has agreed to buy management consultancy and technology services provider Orbium, which caters to wealth managers and private banks, for an undisclosed sum.

Switzerland-based Orbium is the largest services provider for the Avaloq Banking Suite and authorised to offer Avaloq professional certification training.

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The deal is said to boost Accenture’s ability to serve private banking and wealth management clients.

Through the acquisition, Accenture gains access to Orbium’s technical assets including project accelerators that are tailored for the Avaloq platform.

Accenture also plans to fold in Orbium’s workforce, which stands at more than 500.

Accenture global capital markets practice senior managing director and head Michael Spellacy said: “The wealth management industry is moving from high-cost, inflexible in-house and legacy solutions to packaged core platforms, software-as-a-service and business process outsourcing, which provide the modern open architectures required to deliver the new digital services the industry demands.

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“As the leader in Avaloq implementation, Orbium has a unique combination of management consultancy, technology and programme-management resources and capabilities that will enable us to accelerate and scale our services to the wealth management industry globally — bringing efficiency and enhanced customer experience to the next generation of wealth managers and their clients.”

Orbium, established in 2004, has branches in more than 12 cities across Europe, Asia-Pacific and the US.