Accenture To Buy Austrian Banking Technology Service Provider ARZ; Terms Not Disclosed

(RTTNews) - Accenture Plc (ACN), an IT and consulting firm, Wednesday said it has agreed to acquire Allgemeines Rechenzentrum GmbH or ARZ, an Austrian technology service provider focused on the banking sector.

Terms of the transaction were not disclosed. Completion of the acquisition is subject to customary closing conditions.

The acquisition will expand Accenture's cloud-based banking platform-as-a-service offerings, ranging from core banking services to online banking as well as regulatory services for banking clients across Europe.

ARZ is majority-owned by Volksbanken Group and Hypobanken Group as well as other private banks. Following the deal, ARZ's around 600 employees will join Accenture and will continue to work in their existing locations in Vienna and Innsbruck.