HCL snaps up Swiss wealth management firm Confinale

HCL Technologies UK, a subsidiary of HCL Technologies, is to acquire Swiss digital banking and wealth management firm Confinale AG.

HCL UK to acquire Confinale

The deal, expected to be completed shortly, will see HCL expand its footprint in the global wealth management market with an emphasis on consulting, implementation and management capabilities.

Confinale CEO Roland Staub says the firm strongly believes “in the need for banking expertise combined with software competence”, adding HCL’s reach “will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities”.

Founded in 2012, Confinale focuses on IT consulting across key areas in the banking and wealth management sector and its in-house products and solutions are designed to accelerate the implementation of the Avaloq platform.

HCL says the acquisition forms part of its strategy to become a leader in the end-to-end implementation and lifecycle management of the Avaloq platform, building on its recently extended partnership with the firm.

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