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Accenture acquires Verax to expand banking technology offerings

BBR Staff Writer Published 28 August 2017

Irish technology giant Accenture has acquired Canada-based Verax for an undisclosed amount, expanding its banking technology capabilities.

Verax, which was founded in 2003, is a technology and systems-integration consulting firm that offer services to the financial services sector in Canada.

Its key services areas include IT strategy, enterprise architecture consulting, project and program management, financial risk and compliance solutions, as well as business intelligence and data warehousing.

The firm currently employs 180 people at its offices in Toronto and Halifax. It offers IT consulting solutions across a range of financial-services lines of business, including wealth management, brokerage and mutual funds, mobile and online banking, retail and commercial banking, and insurance and capital markets.  

The acquisition is expected to enable Accenture to complement and enhance Accenture’s consulting and technology capabilities in Canada.

Accenture’s Financial Services practice in Canada managing director Robert Vokes said: “VERAX consultants are known for their deep technical expertise, collaborative culture and strong reputation for delivery, which we believe will greatly complement and enhance the breadth and depth of our financial services capabilities in Canada. 

“The combination of Accenture and VERAX will help enable our clients to react even more quickly and with even more confidence, as banks face increased pressure to adjust to new digital capabilities, new regulatory requests, and increased competition.”

In March, Accenture agreed to acquire payments consulting and advisory firm First Annapolis Consulting in a bid to expand its capabilities in the payments segment. 


 Image: Verax employs 180 people at its offices in Toronto and Halifax. Photo: courtesy of Stuart Miles at FreeDigitalPhotos.net.