HCL Technologies UK, a subsidiary of HCL Technologies, is to acquire Swiss digital banking and wealth management firm Confinale AG.
The deal, which is expected to close shortly, will allow HCL to expand its presence in the global wealth management market with a focus on advisory, implementation and management capabilities.
Confinale CEO Roland Staub says the company strongly believes “in the need for banking expertise combined with software proficiency”, adding that HCL’s reach “will allow us to continue to grow and at the same time expose our team to new opportunities for learning and innovation”.
Founded in 2012, Confinale focuses on IT consulting in key areas of banking and wealth management and its in-house products and solutions are designed to accelerate the implementation of the Avaloq platform.
HCL says the acquisition is part of its strategy to become a leader in the end-to-end implementation and lifecycle management of the Avaloq platform, building on its recently expanded partnership with the society.
Rahul Singh, President of Financial Services and Digital Process Operations at HCL, said, “There is significant disruption in global wealth management and that means an opportunity for technology-driven innovation.