HCL Tech to acquire Swiss digital wealth management firm

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 Switzerland-based digital banking and wealth management consulting specialist.

HCL Technologies UK on Monday announced that it 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 the acquisition, HCL said it will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.

The cost of acquisition is 53 million CHF (swiss francs) including earn-outs and the acquisition is likely to be completed before 1 July 2022.

Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector. The Swiss digital banking and wealth management consulting company 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 turnover for the year ended 31 December 2021 stood at 17.5 Million CHF (Swiss Francs).

HCL Technologies is primarily engaged in providing a range of IT and business services, engineering and R&D services and products & platforms services.

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

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