HCL Technologies to Acquire Digital Banking and Wealth Management Specialist Confinale

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Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist, and Avaloq Premium Implementation Partner, has signed a definitive agreement to be acquired by HCL Technologies UK Limited, a wholly-owned subsidiary of HCL Technologies (HCL), a leading global technology company. HCL will expand its reach in the worldwide wealth management sector as a result of this strategic purchase, with a focus on Avaloq consulting, implementation, and management skills.

“Becoming part of HCL is an exciting new chapter for Confinale. We strongly believe in the need for banking expertise combined with software competence and HCL is the perfect fit for this. It is a truly global player with strong heritage in the financial services sector. HCL’s reach will enable us to further our growth and at the same time expose our team to new learning and innovation opportunities,”

said Roland Staub, CEO, Confinale.

Confinale, which was founded in 2012, specializes in IT consultancy in major banking and wealth management areas. Confinale has one of Europe’s largest independent pools of Avaloq-certified specialists, and its in-house designed products and solutions speed up Avaloq platform deployment. Only four firms have been named Avaloq Premium Implementation Partners, and Confinale is one of them. Confinale works with a number of top banks and financial advisors and has offices in Zurich, Zug, and Geneva, as well as Düsseldorf and London.

“There is significant disruption taking place in global wealth management and this means an opportunity for technology-led innovation. This acquisition significantly strengthens HCL’s digital wealth and asset management capabilities and expands our presence in the heart of the global investment banking sector. We welcome the team from Confinale and look forward to continuing to drive digital banking innovation alongside Avaloq,”

said Rahul Singh, President of Financial Services and Digital Process Operations, HCL Technologies.

The intellectual assets acquired as part of this deal support HCL’s strategy of developing specialized vertical domain skills and position the business as a leader in the Avaloq platform’s end-to-end installation and lifecycle management. This follows HCL’s recently expanded global alliance with Avaloq and its December 2021 acquisition of German IT consultancy firm gbs in collaboration with apoBank.

“At Avaloq we welcome the coming together of two of our key strategic partners. Both HCL and Confinale have considerable domain knowledge in financial services and deep understanding of our technology. We see the combination as immensely beneficial as Confinale has strong implementation credentials, including being awarded as best implementation partner in 2020 and 2021. We believe that this coming together will help accelerate digital wealth transformation for our clients and in turn increase the pace of adoption of Avaloq’s products and services globally,”

said Martin Greweldinger, Co-Chief Executive Officer, Avaloq.

The transaction is subject to customary closing conditions and is expected to close in the near future.


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