Accenture has agreed to acquire consultancy InvestTech Systems Consulting, in a move which will boost its IT Support offering to asset managers and investment service providers.
The companies did not disclose the financial terms of the deal, which expected to close within the next several weeks.
Los Angeles-headquartered InvestTech, which was established in 1993, employs fewer than 200 people. It offers front and back-office support for investment companies.
The company developed a suite of tools and methodologies to serve many of the largest and most complex global asset management firms.
It offers various services including systems integration and technology consulting support for the entire front to back-office investment process.
InvestTech has expertise in strategic architecture planning, enterprise data management, operations transformation, portfolio management, investment accounting, trading product evaluations and implementation of leading vendor-provided solutions, Accenture said.
The consultancy firm will become part of Accenture’s Capital Markets practice, which provides consulting, strategy, digital technology and outsourcing services.
Accenture senior managing director and head of Capital Markets practice Owen Jelf said: “Asset managers are under growing pressure to modernize their investment management and operational infrastructure to support growth, higher efficiency and profitability.
“By further expanding our systems integration and consulting capabilities in this area, we will be able to do much more to help our clients tap new digital innovations and provide access to new scale advantages that can ensure their competitiveness well into the future.”
The InvestTech deal is Accenture’s second industry-focused asset-management purchase in a little over a year.
It follows the December 2015 purchase of Beacon Consulting Group, which offers management consulting to five of the top 10 North American asset-management companies.
Accenture recently acquired solid-serVision, a Germany-based privately owned consulting and system integration firm.
Earlier in January, Accenture agreed to acquire the corporate advisory and aviation consultancy Seabury Group to help guide airlines via digital disruption.