Alliance and acquisition will enhance
Accenture's capabilities in financial services innovations,
modernization and transformation and Zafin's continued focus on
developing market-leading software solutions
NEW YORK and TORONTO, Dec. 12,
2018 /CNW/ - Accenture (NYSE: ACN) has entered into an
agreement to form a strategic alliance with Zafin, a worldwide
leader in financial services software headquartered in Canada, under which Accenture will serve as a
preferred integrator of the Zafin financial software platform as
part of a joint go-to-market strategy.
In a related agreement, select employees from Zafin's
professional services business will join Accenture's global
Financial Services practice, giving Accenture additional technical
integration and development abilities that will enhance its
financial services offerings. Terms of the transaction were not
disclosed.
The new relationship will further strengthen Accenture's ability
to help financial institutions modernize their legacy information
technology (IT) systems and enhance their digital services programs
while enabling Zafin to continue its focus on developing
market-leading financial services software
solutions.
Zafin's market-leading software and services help power pricing,
product and customer strategies for many of the world's largest
financial institutions, providing essential new capabilities along
their digital transformation and modernization journeys. The
company's technology platform is designed to modernize and augment
legacy IT infrastructures that underpin the financial services
industry. Its solutions enable banks to increase revenue
generation, drive customer transparency and aid in regulatory
compliance, ultimately enhancing their agility and their ability to
improve the customer experience and build more personalized and
profitable relationships.
"Many financial institutions are hindered in enhancing their
customer experience by the limitations of legacy IT systems," said
Alan McIntyre, a senior managing
director at Accenture and head of its global Banking practice.
"Zafin's software enables financial institutions to improve their
pricing, personalization and product configuration without having
to replace their legacy systems. We look forward to working with
Zafin to deliver these capabilities to our financial services
clients globally."
Al Karim Somji, founder and group
CEO of Zafin, said, "These agreements with Accenture will enable us
to sharpen our focus squarely on product innovation and technology.
We are particularly proud of the work we've done with our clients
globally and expect our expanded relationship with Accenture to
enable us to accelerate our momentum in the market. This deal
simplifies our operating model and provides Zafin with rapid
scalability."
The acquisition is subject to customary closing conditions and
expected to close in the first quarter of 2019.
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 459,000 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.
About Zafin
Established in 2002, Zafin (@Zafin) is a
worldwide leader in financial services software that drives
relationship pricing, bundling and rates management strategies for
global financial institutions. Built from the ground up for
financial services, its platform empowers financial institutions to
increase revenue and efficiency by modernizing legacy
infrastructure and enables financial institutions to build more
personalized and profitable client relationships. Headquartered in
Toronto with offices around the
globe, Zafin is trusted by some of the world's largest retail and
corporate banks to provide more compelling products and experiences
to their clients. Visit us at Zafin.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: Accenture
and Zafin 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 Accenture;
Accenture's results of operations could be adversely affected by
volatile, negative or uncertain economic and political conditions
and the effects of these conditions on the company's clients'
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supply of skills and resources in balance with client demand around
the world and attract and retain professionals with strong
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the company's professionals and the company's results of operations
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or enforcement, could have a material adverse effect on the
company's effective tax rate, results of operations, cash flows and
financial condition; Accenture'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; Accenture's results of
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certain risks; Accenture's business could be materially adversely
affected if the company incurs legal liability; Accenture's work
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inherent in the government contracting environment; if Accenture is
unable to manage the organizational challenges associated with its
size, the company might be unable to achieve its business
objectives; if Accenture does not successfully manage and develop
its relationships with key alliance partners or fails to anticipate
and establish new alliances in new technologies, the company's
results of operations could be adversely affected; Accenture's
ability to attract and retain business and employees may depend on
its reputation in the marketplace; Accenture might not be
successful at acquiring, investing in or integrating businesses,
entering into joint ventures or divesting businesses; if Accenture
is unable to protect its intellectual property rights or if
Accenture's services or solutions infringe upon the intellectual
property rights of others or the company loses its ability to
utilize the intellectual property of others, its business could be
adversely affected; changes to accounting standards or in the
estimates and assumptions Accenture makes in connection with the
preparation of its consolidated financial statements could
adversely affect its financial results; many of Accenture'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;
Accenture's results of operations and share price could be
adversely affected if it is unable to maintain effective internal
controls; Accenture might be unable to access additional capital on
favorable terms or at all and if the company raises equity capital,
it may dilute its shareholders' ownership interest in the company;
Accenture 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.
SOURCE Accenture