HCL Technologies to Acquire Digital Banking and Wealth Management Specialist Confinale
Zurich, Switzerland and Noida, India – May 6, 2022 – HCL Technologies UK Limited, a wholly owned subsidiary of HCL Technologies (HCL), a leading global technology company, has signed a definitive agreement for the acquisition of Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner. Through this strategic acquisition, HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.
Founded in 2012, Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector. Confinale has one of the largest independent pools of Avaloq-certified specialists in Europe and its in-house developed products and solutions accelerate the implementation of the Avaloq platform. Confinale is one of only four companies to be awarded the title of Avaloq Premium Implementation Partner. With offices in Switzerland including Zurich, Zug and Geneva; as well as Düsseldorf and London, Confinale works with a host of leading banks and wealth advisors.
The intellectual properties that are a part of this acquisition support HCL’s strategy to create specialized vertical domain capabilities and positions the company as a leader in end-to-end implementation and lifecycle management of the Avaloq platform. This builds upon HCL’s recently expanded global partnership with Avaloq and its acquisition of German IT consulting company gbs in association with apoBank in December 2021.
“Becoming part of HCL is an exciting new chapter for Confinale,” said Roland Staub, CEO, Confinale. “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.”
“There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation,” said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies. “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.”
“At Avaloq we welcome the coming together of two of our key strategic partners,” said Martin Greweldinger, Co-Chief Executive Officer, Avaloq. “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. We believe that this coming together will help accelerate digital wealth transformation for our clients and in turn increase the pace of adoption of Avaloq’s products and services globally.”
The acquisition is subject to customary closing conditions, which is expected to be completed in due course.
About HCL Technologies
HCL Technologies (HCL) empowers global enterprises with technology for the next decade, today. HCL’s Mode 1-2-3 strategy, based on its deep-domain industry expertise, customer-centricity and entrepreneurial culture of Ideapreneurship™, enables businesses to transform into next-gen enterprises.
HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P). ITBS enables global enterprises to transform their businesses through offerings in the areas of applications, infrastructure, digital process operations and next generational digital transformation solutions. ERS offers engineering services and solutions in all aspects of product development and platform engineering. P&P provides modernized software products to global clients for their technology and industry specific requirements. Through its cutting-edge co-innovation labs, global delivery capabilities and broad global network, HCL delivers holistic services in various industry verticals, categorized as Financial Services, Manufacturing, Technology & Services, Telecom & Media, Retail & CPG, Life Sciences & Healthcare and Public Services.
As a leading global technology company, HCL takes pride in its diversity, social responsibility, sustainability and education initiatives. For the 12 months ended March 31, 2022, HCL had consolidated revenue of US$11.48 billion. Its nearly 209,000 ideapreneurs operate out of 52 countries.
For more information, visit www.hcltech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company or any other person that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
For further details, please contact:
Meenakshi Benjwal, Americas
Elka Ghudial, EMEA
Devneeta Pahuja, India and APAC