Accenture has agreed to acquire German consulting firm SKS Group to bolster its SAP and regulatory capabilities for banking customers in Germany, Austria, and Switzerland.
The financial terms of the deal were not disclosed.
By leveraging SAP S/4HANA solutions, SKS Group assists banks in the three countries in modernising their technological infrastructure and fulfilling regulatory requirements.
Headquartered in Hochheim, SKS Group offers a suite of risk, regulatory services, and compliance capabilities. These include an observatory tool for mapping regulatory requirements to assist banks in handling their reporting procedures.
SKS Group co-founder and managing director Martin Schuhmann 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.”
Through the acquisition, Accenture is expected to expand its technology, consulting, and regulatory services capabilities.
Besides, the technology major anticipates to improve its ability in supporting specialised banks, such as national promotional banks that offer financial and development assistance to local enterprises and communities.
Accenture Germany, Austria and Switzerland market unit lead Christina Raab said: “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.”
The agreement covers all SKS Group businesses that assist financial institutions in the development, implementation, and operation of SAP solutions for analytics and core banking services, stated Accenture.
Following the closing of the deal, SKS Group’s team of about 500 professionals is expected to join Accenture Technology.
The closing of the transaction is subject to customary conditions.
In October 2022, Accenture announced the acquisition of digital transformation solutions provider Blackcomb Consultants for an undisclosed price.
