Accenture, agreement reached for the acquisition of Cabel Industry

Accenture has reached an agreement to acquire Cabel Industry, an Italian technology company that provides specialised core banking, IT managed services and operations, from the Fibonacci Group. Accenture announces this in a note in which it underlines how "thanks to its expertise and the services it provides, Cabel Industry is now a consolidated partner for numerous institutions, including medium-sized ones". The deal strengthens Accenture's position in the shared services market for the financial sector, expanding the capabilities of Accenture Financial Advanced Solutions & Technology (AFAST) - the centre of technological excellence dedicated to Financial Services - with new assets, specialist skills and an advanced credit platform'.

"Core banking and credit management services are undergoing a profound evolution, driven by new requirements for modernisation, scalability and productivity," said Teodoro Lio, Managing Director of Accenture Italy. "The combination of Cabel Industry's expertise with Accenture's assets will generate important synergies for our clients," said Massimiliano Colangelo, head of Financial services at Accenture Italy and Greece. "We will be able to accompany banks in increasingly comprehensive reinvention projects, from core banking modernisation to full outsourcing services. With the addition of about 200 professionals from Cabel Industry and a consolidated portfolio of clients, Accenture will further strengthen its role as market leader in the banking segment".

"Innovation in banking is increasingly dependent on economies of scale, and Accenture's solid expertise, together with its global network, will ensure continuity of service for our clients, while offering our people the best opportunity to expand their skills," said Andrea Pettinelli, CEO of the Fibonacci Group and President of Cabel Industry. As of 2023, Accenture recalls having completed seven strategic acquisitions in Italy, including IQT (Engineering Managed Services), Ammagamma (AI), Intellera Consulting (Public Administration), Fibermind (5G networks and fibre), Customer Management IT and SirfinPA (Justice and Security), and SIPAL (Aerospace and Defence). The terms of the transaction were not disclosed.