IT services provider Accenture announced its deal to acquire Formicary, a provider of consulting and systems integration services for trading platforms in the UK and North America.
Accenture says the strategy behind the acquisition is to strengthen its capabilities in assisting banks, asset managers, hedge funds and clearing organizations to transform their trading technology platforms.
Accenture did not divulge financial terms of the transaction.
Earlier, Accenture acquired Beacon Consulting for an undisclosed sum. The latest two acquisitions are aimed enhancing the capital markets capabilities of Accenture.
Formicary specializes in financial trading systems consulting, systems integration and migration, and IT services and software for over-the-counter (OTC) clearing, which includes implementations of trading platforms such as Murex, Calypso and Misys Summit. Formicary assists capital markets firms to revamp their trading platforms to reduce reliance on customized and costly systems.
“Investment banks need to consider alternatives to costly, overly complex, bespoke trading systems, which are hindering their ability to be cost-efficient, compliant with the latest regulations and competitive in highly regulated and active markets,” said Owen Jelf, global managing director of Accenture.
Formicary was founded in 2000 and has offices in London, Toronto and New York. Joseph Do is the managing director of Formicary.
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