HCL Technologies to snap up WealthTech Confinale

HCL Technologies has signed a definitive agreement to acquire digital banking and wealth management consulting specialist Confinale for an undisclosed fee.

HCL claims it will increase its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities through the acquisition.

Founded in 2012, Confinale focuses on IT consulting in key specialist areas in the banking and wealth management sector.

HCL Technologies president of financial services and digital process operations Rahul Singh 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.”

Confinale CEO Roland Staub added, “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.”

The acquisition is subject to customary closing conditions which is expected to be completed in due course.

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