Accenture to Acquire First Annapolis, Enhancing Its Consulting and Advisory Capabilities in Payments
March 23 2017 - 12:42PM
Business Wire
First Annapolis to add expertise across the
payments value chain to Accenture’s consulting and digital
capabilities
Accenture (NYSE:ACN) has agreed to acquire First Annapolis
Consulting, Inc., a privately held payments consulting and advisory
firm, further expanding its capabilities in the payments market.
Terms of the transaction were not disclosed.
Founded in 1991 and headquartered in Annapolis, MD, First
Annapolis provides advisory services to stakeholders across the
payments ecosystem. It serves a wide range of clients globally,
including leading financial institutions, retailers, travel and
entertainment companies, communications/technology companies, and
private-equity firms. First Annapolis has provided advisory
services in 20 of the top 25 world economies and serves clients
across Europe through its office in Amsterdam.
The addition of First Annapolis – with its proven expertise
across the payments value chain — will complement Accenture’s
consulting and digital capabilities in the payments sector.
“The pace of innovation in the payments sector is accelerating
with new platforms and tools being launched daily; and emerging
technologies such as blockchain, mobile wallets, and P2P payments
disrupting traditional financial services and technology
providers,” said Alan McIntyre, senior managing director, and head
of Accenture’s Banking practice. “As payments increasingly move
from plastic to digital, players across the industry value chain
will need to rethink their value propositions and business models.
Our acquisition of First Annapolis will enhance our capabilities in
the payments sector, positioning us to lead with expertise and
scale to provide clients the advice and execution capabilities
needed to navigate the rapidly evolving retail and commercial
payments landscape.”
Marc Abbey, First Annapolis’ managing partner, said, “We’re
excited to join Accenture, whose tremendous scale and scope will
enable us to expand our geographic reach and provide services to an
even-broader client base. Our specialized service offerings will
complement Accenture’s technology-focused expertise in the payments
arena, enabling us to bring the full range of services to our
existing and future clients.”
The acquisition, which is subject to customary closing
conditions, is expected to close within 30 days.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
401,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
Forward-Looking Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “should,” “likely,” “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “estimates,” “positioned,”
“outlook” and similar expressions are used to identify these
forward-looking statements. These statements involve a number of
risks, uncertainties and other factors that could cause actual
results to differ materially from those expressed or implied. These
include, without limitation, risks that: the company and First
Annapolis will not be able to close the transaction in the time
period anticipated, or at all, which is dependent on the parties’
ability to satisfy certain closing conditions; the transaction
might not achieve the anticipated benefits for the company; the
company’s results of operations could be adversely affected by
volatile, negative or uncertain economic conditions and the effects
of these conditions on the company’s clients’ businesses and levels
of business activity; the company’s business depends on generating
and maintaining ongoing, profitable client demand for the company’s
services and solutions, including through the adaptation and
expansion of its services and solutions in response to ongoing
changes in technology and offerings, and a significant reduction in
such demand or an inability to respond to the changing
technological environment could materially affect the company’s
results of operations; if the company is unable to keep its supply
of skills and resources in balance with client demand around the
world and attract and retain professionals with strong leadership
skills, the company’s business, the utilization rate of the
company’s professionals and the company’s results of operations may
be materially adversely affected; the markets in which the company
competes are highly competitive, and the company might not be able
to compete effectively; the company could have liability or the
company’s reputation could be damaged if the company fails to
protect client and/or company data from security breaches or
cyberattacks; the company’s profitability could materially suffer
if the company is unable to obtain favorable pricing for its
services and solutions, if the company is unable to remain
competitive, if its cost-management strategies are unsuccessful or
if it experiences delivery inefficiencies; changes in the company’s
level of taxes, as well as audits, investigations and tax
proceedings, or changes in tax laws or in their interpretation or
enforcement, could have a material adverse effect on the company’s
effective tax rate, results of operations, cash flows and financial
condition; the company’s results of operations could be materially
adversely affected by fluctuations in foreign currency exchange
rates; the company’s business could be materially adversely
affected if the company incurs legal liability; the company’s work
with government clients exposes the company to additional risks
inherent in the government contracting environment; the company
might not be successful at identifying, acquiring, investing in or
integrating businesses, entering into joint ventures or divesting
businesses; the company’s Global Delivery Network is increasingly
concentrated in India and the Philippines, which may expose it to
operational risks; as a result of the company’s geographically
diverse operations and its growth strategy to continue geographic
expansion, the company is more susceptible to certain risks;
adverse changes to the company’s relationships with key alliance
partners or in the business of its key alliance partners could
adversely affect the company’s results of operations; the company’s
services or solutions could infringe upon the intellectual property
rights of others or the company might lose its ability to utilize
the intellectual property of others; if the company is unable to
protect its intellectual property rights from unauthorized use or
infringement by third parties, its business could be adversely
affected; the company’s ability to attract and retain business and
employees may depend on its reputation in the marketplace; if the
company is unable to manage the organizational challenges
associated with its size, the company might be unable to achieve
its business objectives; any changes to the estimates and
assumptions that the company makes in connection with the
preparation of its consolidated financial statements could
adversely affect its financial results; many of the company’s
contracts include payments that link some of its fees to the
attainment of performance or business targets and/or require the
company to meet specific service levels, which could increase the
variability of the company’s revenues and impact its margins; the
company’s results of operations and share price could be adversely
affected if it is unable to maintain effective internal controls;
the company may be subject to criticism and negative publicity
related to its incorporation in Ireland; as well as the risks,
uncertainties and other factors discussed under the “Risk Factors”
heading in Accenture plc’s most recent annual report on Form 10-K
and other documents filed with or furnished to the Securities and
Exchange Commission. Statements in this news release speak only as
of the date they were made, and Accenture undertakes no duty to
update any forward-looking statements made in this news release or
to conform such statements to actual results or changes in
Accenture’s expectations.
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AccentureMelissa Volin, + 1 267 216
1815melissa.volin@accenture.com
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