HCL Technologies Boosts Its Wealth Management Business With Buy of Switzerland’s Confinale

Global tech company HCL Technologies will be acquiring Confinale, a Switzerland-based digital banking and wealth management consulting specialist and Avaloq Premium Implementation Partner, a press release says, which will boost HCL’s abilities in global wealth management.

This partnership will be focusing on Confinale’s Avaloq consulting, implementation and management capabilities.

Avaloq is a Swiss company that provides digital banking solutions.

Confinale focuses on IT consulting in specialist areas in banking and wealth management, and has one of the biggest independent pools of Avaloq-certified specialists in Europe. The company’s in-house developed products and solutions work on accelerating Avaloq.

HCL is developing a strategy to make “specialized vertical domain capabilities,” and the acquisition will help the company with leadership on end-to-end implementation and lifecycle management of the Avaloq platform.

It also builds on HCL’s recently expanded partnership with Avaloq and the acquisition of gbs, a German IT consulting company.

“There is significant disruption taking place in global wealth management, and this means an opportunity for technology-led innovation,” said Rahul Singh, president of financial services and digital process operations at HCL Technologies. “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.”

HCL also recently partnered with Lendico as of September last year, which will deliver application and engineering tools to help with a new digital platform supporting business banking for smaller businesses.

Read more: HCL, Lendico Team on ‘Complete Business Banking’ for SMBs

Small-to-midsize businesses (SMBs) will be able to get faster and more convenient banking options out of the deal, and Lendico managing director Sven Foos said the company wants to make “complete business banking solutions that enhance our position as a strong partner for SMEs on the basis of the agile mentality that enables us to innovate and scale rapidly,” and HCL’s “culture of digital innovation” was a good fit.