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May 9, 2022

HCL Technologies to buy Swiss wealth management specialist Confinale

HCL Technologies UK has agreed to acquire Switzerland-based digital banking and wealth management consulting specialist Confinale for $54m.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The deal, whose financial details were not shared, is subject to regulatory approval.

Established in 2012, Confinale specialises in IT consulting in key segments in the banking and wealth management sector.

Said to be an Avaloq premium implementation partner, the firm offers its in-house developed products and solutions to support the implementation of the Avaloq platform.

Confinale has a presence in Düsseldorf and London in addition to its offices in Zurich, Zug and Geneva in Switzerland.

The acquisition follows HCL’s expanded global partnership with Avaloq and its takeover of German IT consulting company gbs in partnership with apoBank in December last year.

The deal will help HCL bolster its presence in the global wealth management space with a focus on Avaloq consulting, implementation and management capabilities.

Furthermore, the intellectual properties that are covered in the acquisition is expected to accelerate the company’s strategy to develop specialised vertical domain capabilities.

HCL is also eyeing to bolster its capabilities in the implementation and lifecycle management of the Avaloq platform.

Confinale CEO Roland Staub said: “We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this. It is a truly global player with strong heritage in the financial services sector. HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities.”

HCL Technologies president of Financial Services and Digital Process Operations Rahul Singh said: “There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation.

“This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector. We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”

HCL and Avaloq first partnered in 2014 to provide capabilities in implementation, systems integration, migration and testing on the Avaloq Banking Suite’s range of wealth management offerings.

Commenting on the deal, Avaloq co-CEO Martin Greweldinger commented: “Both HCL and Confinale have considerable domain knowledge in financial services and deep understanding of our technology. We see the combination as immensely beneficial as Confinale has strong implementation credentials, including being awarded as best implementation partner in 2020 and 2021.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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