Accenture to buy assets of VC-backed fintech company Zafin


Photo courtesy of Reuters/Jussi Nukari

Ireland’s Accenture (NYSE: ACN) has agreed to acquire select professional services assets of Zafin, a Toronto-based provider of banking solutions software.

Terms weren’t released for the deal, which is expected to close in Q1 2019.

Founded in 2002 by CEO Al Karim Somji, Zafin’s technology supports pricing, product and customer strategies for more than 35 global banks.

Accenture said the transaction will enhance its capabilities in financial innovation and modernization. Accenture will also serve as a preferred integrator of Zafin’s platform as part of a joint go-to-market strategy.

Zafin’s investors include Beedie CapitalKayne Partners and Vistara Capital Partners.

PRESS RELEASE

Accenture to Form Strategic Alliance with and Acquire Select Professional Services Assets from Financial Software Firm Zafin

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

December 12, 2018

NEW YORK & TORONTO–(BUSINESS WIRE)–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.

Contacts

Melissa Volin
Accenture
+1 267 216 1815
[email protected]

Don Halliwell
Zafin
+1 647 537 6452
[email protected]

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