News : Accenture to Acquire Formicary
London Jan. 7, 2016 -- Accenture (NYSE: ACN) has agreed to acquire Formicary, a provider of consulting and systems integration services for trading platforms in the UK and North America. The acquisition will further strengthen Accenture’s capabilities in helping banks, asset managers, hedge funds and clearing organisations transform their trading technology platforms, enabling them to quickly and cost-efficiently adapt to market and regulatory change. Terms of the transaction were not disclosed.
"By combining our deep knowledge in trading technology with Accenture’s global strategy, consulting, digital, technology and operations capabilities in capital markets, we offer our clients a strong scalable portfolio of services," said Joseph Do, managing director at Formicary. "As significant cost pressures continue to force capital markets firms to re-evaluate their trading capabilities, our combined efforts will enable us to deliver large-scale digital transformations that can help them reduce costs while increasing the scale and profitability of their trading operations."
Completion of the acquisition is subject to customary closing requirements.
Posted by Laura Collins, Editorial Management
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Published: Thursday, January 7, 2016