HCL Tech acquires a Swiss digital wealth management company


Shares of HCL Technologies rose 2.08% to Rs 1,072 after the company signed a definitive agreement or the acquisition of Confinale AG, a Swiss specialist in digital banking and wealth management consultancy.

HCL Technologies UK announced on Monday that it has signed a definitive agreement to acquire Confinale AG, a Swiss specialist in digital banking and wealth management advisory and Avaloq Premium Implementation Partner. Through this acquisition, HCL said it will increase its presence in the global wealth management market by focusing on Avaloq’s advisory, implementation and management capabilities.

The acquisition cost is CHF 53 million (Swiss francs) including price supplements and the acquisition should be finalized before July 1, 2022.

Confinale focuses on IT consulting in the key areas of specialization of the banking and wealth sector. The Swiss digital banking and wealth management advisory firm also has one of the largest independent pools of Avaloq-certified specialists in Europe. The company’s in-house developed products and solutions accelerate the implementation of the Avaloq platform.

Confinale reported revenue for the year ended December 31, 2021 of CHF 17.5 million (Swiss Francs).

HCL Technologies is primarily engaged in the provision of a range of IT and business services, engineering and R&D services, and product and platform services.

The IT company recorded a 4.4% increase in consolidated net profit to Rs 3,593 crore on a 1.2% increase in revenue to Rs 22,597 crore in Q4 FY22 compared to Q3 FY22.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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