HCL boosts digital wealth management capabilities with Confinale deal

HCL Technologies has signed an agreement to acquire Confinale AG, increasing its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities.

With offices in Zurich, Zug, Geneva, Düsseldorf and London, Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector. One of only four companies to be awarded the title of Avaloq premium implementation partner, it 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 intellectual properties that are a part of this acquisition support HCL’s strategy to create specialized vertical domain capabilities and positions the company as a leader in end-to-end implementation and lifecycle management of the Avaloq platform.

Roland Staub, CEO of Confinale, said: “Becoming part of HCL is an exciting new chapter for Confinale. We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this. It is a truly global player with strong heritage in the financial services sector. HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities.”

Rahul Singh, president of financial services and digital process operations at HCL Technologies, said: “There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation. 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. We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”

Martin Greweldinger, co-CEO at Avaloq, added: “Both HCL and Confinale have considerable domain knowledge in financial services and deep understanding of our technology. We believe that this coming together will help accelerate digital wealth transformation for our clients and in turn increase the pace of adoption of Avaloq’s products and services globally.”