Management consulting and professional services firm Accenture has acquired SEC Servizi Spa, an Italian banking technology services provider.

The company has purchased Intesa Sanpaolo Group’s 80.8% stake in SEC Servizi for an undisclosed sum.

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Accenture will also acquire the remaining interests in SEC Servizi held by other shareholders to have complete ownership over the fintech provider.

Benefits of SEC Servizi acquisition:

SEC Servizi was established in 1972 by a consortium of Italian lenders to offer digital and IT services to the financial institutions.

Following this acquisition, Accenture aims to deliver an advanced core banking platform by leveraging SEC Servizi’s expertise and operational assets.

The new platform will be designed to help the banks with their digital transformation.

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The acquisition is also expected to bolster Accenture’s position in the Italian banking technology market.

It will also continue to serve SEC Servizi’s existing customers which include Intesa Sanpaolo and other mid-sized financial institutions.

Last year, Intesa Sanpaolo purchased SEC Servizi as a part of its acquisition of certain assets and liabilities of Banca Popolare di Vicenza and its sister-concern Veneto Banca. Both the entities are under mandatory liquidation process.

One of the major banking groups in Italy, Intesa Sanpaolo provides retail, corporate and wealth management services.

It has around 11.9 million customers and around 4,400 branches across the country.

Intesa Sanpaolo also has a strong international presence with 1,000 branches and 7.5 million customers globally.