Accenture Acquires Formicary to Expand its Expertise in Trading & OTC Marketing
FREMONT, CA: With an aim to strengthen its capabilities in trading services transformation and Over-the-counter (OTC) markets, Accenture has acquired Formicary, a provider of consulting and systems integration services for trading platforms.
The acquisition of Formicary will help Accenture to fortify its capabilities in marketing sector. It will help banks, asset managers, hedge funds and clearing organizations transform their trading technology platforms. It will also help them in quickly and cost-efficiently adapt to market and regulatory change.
Commenting on the acquisition, Owen Jelf, Global Managing Director of Accenture’s Capital Markets Practice, says, “With highly skilled professionals and deep market experience in everything from digital transformation to global regulatory compliance, Formicary will help us strengthen our trading services capabilities to help financial services firms become more competitive and adaptive to change in continuously evolving markets,” Owen Jelf, Global Managing Director of Capital Markets Practice, Accenture.
In addition, by joining its trading technology with Accenture’s strategy, consulting, digital technology and operations capabilities in capital markets, Formicary will be able to offer its clients a strong scalable portfolio of services. “As significant cost pressures continue to force capital markets firms to re-evaluate their trading capabilities, our combined efforts will enable us to deliver large-scale digital transformations that can help them reduce costs while increasing the scale and profitability of their trading operations,” comments Joseph Do, Managing Director of Formicary.
Moreover, Accenture has recently acquired Beacon Consulting that complements the company’s recent acquisition and together they will help Accenture in gaining markets capabilities, with added industry depth and expertise.