HCL to buy digital banking and wealth management specialist Confinale

Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies

HCL Technologies UK Ltd, a subsidiary of HCL Technologies (HCL), a tech company, has signed a definitive agreement for the acquisition of Confinale AG, a Swiss-based digital banking and wealth management consultacy and Avaloq Premium Implementation Partner.

What does the acquisition mean to HCL?

HCL will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities. Founded in 2012, Confinale focuses on IT consulting in key specialist areas in banking and wealth management sector.

Confinale has one of the largest independent pools of Avaloq-certified specialists in Europe and its in-house developed solutions accelerate the implementation of the Avaloq platform.

Confinale is one of only four companies to be awarded the title of Avaloq Premium Implementation Partner. With offices in Switzerland including Zurich, Zug and Geneva; as well as Düsseldorf and London, Confinale works with a host of leading banks and wealth advisors.

The intellectual properties that are a part of this acquisition support HCL Technologies’ 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.

This builds upon HCL’s recently expanded global partnership with Avaloq and its acquisition of German IT consulting company gbs in association with apoBank in December 2021.

What are the executives’ thoughts on the acquisition?

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

“There is disruption in wealth management and this means an opportunity for tech-led innovation,” said Rahul Singh, Pres. of Financial Services and Digital Process Operations, HCL.

“This deal strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the investment banking sector. We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq.”

“At Avaloq we welcome the coming together of two of our key strategic partners. Both HCL and Confinale have considerable domain knowledge in financial services and deep understanding of our tech,” said Martin Greweldinger, Co-Chief Executive Officer, Avaloq.

“We see the combination as immensely beneficial as Confinale has strong implementation credentials, including being awarded as best implementation partner in 2020 and 2021. 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.”

The deal is subject to customary closing conditions, expected to be completed in due course.