HCL Tech to buy digital banking co Confinale

New Delhi: HCL Technologies UK, a subsidiary of IT services company HCL Technologies, has signed a definitive pact for acquisition of Switzerland-based Confinale, a digital banking and wealth management consulting specialist.

With this strategic acquisition, HCL will expand its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities, it said in a statement on Monday.

Confinale, founded in 2012, focuses on IT consulting in key areas in the banking and wealth management sector.

With offices in Switzerland, including Zurich, Zug and Geneva, and also in Düsseldorf and London, Confinale works with a slew of leading banks and wealth advisors.

Confinale has one of the largest independent pools of Avaloq-certified specialists in Europe and its in-house developed products and solutions accelerate the implementation of the Avaloq platform.

The digital banking and wealth management specialist is one of only four companies to be awarded the title of Avaloq Premium Implementation Partner, the statement said.

The acquisition is subject to customary closing conditions, which is expected to be concluded in due course.

"We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this," Confinale CEO Roland Staub said.

There is a significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation, Rahul Singh, President of Financial Services and Digital Process Operations at HCL Technologies observed.

"This acquisition significantly strengthens HCL's digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector," Singh added.