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New Delhi: HCL Technologies UKa subsidiary of the IT service company HCL Technologies, has signed a definitive agreement for the acquisition of the Swiss company the final, specialist in digital banking consulting and wealth management. With this strategic acquisition, HCL will expand its presence in the global asset management market with emphasis on Avaloq consultingimplementation and management capabilities, a statement read on Monday.

Confinale, founded in 2012, deals with IT consulting in key areas of the banking and wealth management sector.

With offices in Switzerland, including Zurich, Zug and Geneva, as well as in Dusseldorf and London, Confinale collaborates with a number 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 receive the title of Avaloq Premium Implementation Partner, the note reads.

The acquisition is subject to customary closing conditions, which are expected to close in due course.

“We strongly believe in the need for banking skills combined with software skills and HCL is the perfect solution for this,” said Roland Staub, CEO of Confinale.

A significant disruption is occurring in global wealth management and that means an opportunity for technology-driven innovation, Rahul Singh, President of Financial Services and Digital Process Operations at Technologies of the HCL observed.

“This acquisition significantly strengthens HCL’s digital wealth and wealth management capabilities and expands our presence at the heart of the global investment banking industry,” added Singh.

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