Accenture to Acquire SKS Group, Strengthening its SAP® and Regulatory Capabilities for Banking Clients in Germany, Austria and Switzerland
Accenture (NYSE: ACN) has agreed to acquire SKS Group, a consulting firm that helps banks across Germany, Austria and Switzerland modernize their technology infrastructure and address regulatory requirements using SAP S/4HANA® solutions. Terms of the transaction were not disclosed.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230109005777/en/
Accenture has agreed to acquire SKS Group, a consulting firm that helps banks across Germany, Austria and Switzerland modernize their technology infrastructure and address regulatory requirements using SAP S/4HANA® solutions. (Photo: Business Wire)
The acquisition will expand Accenture’s technology, consulting and regulatory services capabilities, while enhancing its ability to serve specialized banks, such as national promotional banks that provide financial and development assistance to local businesses and communities.
With headquarters in Hochheim, Germany, SKS Group’s team of approximately 500 professionals will join Accenture Technology. The deal encompasses all of SKS Group's businesses, which support financial institutions in the development, implementation, and operation of SAP solutions for core banking services and analytics. SKS Group also has an extensive suite of risk, regulatory services and compliance capabilities, including its observatory tool which maps regulatory requirements to help banks manage their reporting processes.
“SKS Group’s innovative solutions and skills will bolster our ability to transform banks’ core business functions, enabling them to operate more efficiently, make better use of their data and develop new products faster,” said David Cordero, who leads Accenture’s Banking industry group in Europe. “In addition, SKS Group’s strong capabilities for specialized banks will expand our banking services to new clients.”
Christina Raab, market unit lead for Accenture in Germany, Austria and Switzerland, added: “With SKS Group’s deep industry knowledge and technology expertise, we will be in an even stronger position to help banks modernize their legacy technology, manage risk and accelerate growth. As consumers’ banking needs and preferences change, banks’ business models will have to evolve to keep pace and remain relevant.”
Martin Schuhmann, co-founder and managing director of SKS Group, said: “Accenture’s global scale and scope will provide our people with exciting new opportunities to take banks’ digital transformations to the next level, deliver superior customer experiences and improve regulatory reporting processes.”
SKS Group is Accenture's latest acquisition in the banking sector following the acquisitions of Allgemeines Rechenzentrum GmbH (ARZ), BCS Consulting, Exton Consulting and its strategic investment, through Accenture Ventures, in Imburse.
Completion of the acquisition is subject to customary closing conditions.
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “aspires,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook,” “goal,” “target” and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: Accenture and SKS Group will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to match people and their skills with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; Accenture’s environmental, social and governance (ESG) commitments and disclosures may expose it to reputational risks and legal liability; if Accenture does not successfully manage and develop its relationships with key ecosystem partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; as a result of Accenture’s geographically diverse operations and strategy to continue to grow in key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services — creating tangible value at speed and scale. We are a talent and innovation led company with 738,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Accenture Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients succeed and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.
Copyright ©2023 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.