IT services provider Accenture has agreed to purchase Los Angeles-based InvestTech Systems Consulting for an undisclosed amount.
InvestTech is a provider of systems-integration and technology consulting support to asset manager and investment service providers. It offers strategic architecture planning, operations transformation, enterprise data management, investment accounting, portfolio management and trading product evaluations.
The company did not disclose the terms of the transaction.
Subject to customary closing conditions, the transaction is due to close within the next several weeks.
Accenture senior managing director and head of capital markets practice Owen Jelf said: “Asset managers are under growing pressure to modernize their investment management and operational infrastructure to support growth, higher efficiency and profitability.
“By further expanding our systems integration and consulting capabilities in this area, we will be able to do much more to help our clients tap new digital innovations and provide access to new scale advantages that can ensure their competitiveness well into the future.”
InvestTech founder and president Jeremy Hurwitz said, “Over the past twenty-five years, we’ve built a team of some of the world’s most experienced investment systems professionals and have served many of the largest and most complex global asset management firms. We have developed a powerful suite of proprietary tools and methodologies that enhance our investment process, architecture, data and technology delivery services to our clients.
“As part of Accenture, we will be able to bring world class services to a wider spectrum of clients — from large and mid-sized asset managers to insurance companies, pension plans and hedge funds.”