Accenture has agreed to acquire SKS Group, a consulting firm that helps banks across Germany, Austria and Switzerland modernize their technology infrastructure and address regulatory requirements using SAP S/4HANA solutions.

The acquisition will expand Accenture’s technology, consulting, and regulatory services capabilities, while enhancing its ability to serve specialized banks.

Headquartered in Hochheim, Germany, SKS Group’s team of over 500 professionals will join Accenture Technology. Encompassing all of SKS Group’s businesses, the deal will support financial institutions in the development, implementation, and operation of SAP solutions for core banking services and analytics.

SKS Group is Accenture’s latest acquisition in the banking sector following the acquisitions of Allgemeines Rechenzentrum GmbH (ARZ), BCS Consulting, and Exton Consulting.

Christina Raab, market unit lead for Accenture in Germany, Austria, and Switzerland, said: “With SKS Group’s deep industry knowledge and technology expertise, we will be in an even stronger position to help banks modernize their legacy technology, manage risk, and accelerate growth. As consumers’ banking needs and preferences change, banks’ business models will have to evolve to keep pace and remain relevant.”

Martin Schuhmann, co-founder and managing director of SKS Group, said: “Accenture’s global scale and scope will provide our people with exciting new opportunities to take banks’ digital transformations to the next level, deliver superior customer experiences and improve regulatory reporting processes.”