Accenture Plans to Takeover Formicary to Improve its Trading Services
FREMONT, CA: Accenture is ready with the deal to take over Formicary, provider of consultancy and system integration software with the aim of advancing its trading services. Formicary empowers Accenture’s capabilities in elevating the trading technology platform of banks, asset managers, hedge funds and clearing organizations. Formicary works on improving the flexibility of its capabilities to accept the market and regulatory changes quickly and cost-efficiently.
“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, Capital Market, Accenture.
The acquisition enables Accenture to adapt to market development and gain a competitive edge in trading services. Formicary specialized in Over-The-Counter (OTC) clearing of financial trading systems consulting, IT services and software assists Accenture to uplift its trading services capabilities.
“By combining our deep knowledge in trading technology with Accenture’s global strategy, consulting, digital, technology and operations capabilities in capital markets, we offer our clients a strong scalable portfolio of services,” stated Joseph Do, Managing Director, Formicary.
Capital market is experiencing cost pressures, affecting the trading capabilities of everyone. Partnership with Formicary accelerates Accenture capability of delivering large-scale digital transformations at reduced costs, along with added scalability and profitability on trading operations. Accenture’s recent association with Beacon Consulting supplements the current deal by advancing the market capabilities and expertise.