Accenture to Acquire Cabel Industry from Fibonacci Group

By Kelly Cloonan

Accenture has entered an agreement to acquire Italian technology company Cabel Industry from the Fibonacci Group.

The consulting company said Wednesday the deal will improve its portfolio of solutions and technology geared toward financial firms in Italy.

With the deal, Accenture will be better positioned to provide advanced information-technology solutions for the banking and insurance sectors, including in credit management, as well as accelerate technology adoption among mid-market institutions, the company said.

Cabel provides specialized core banking and information-technology managed services to mid-size financial institutions. It employs about 200 professionals.

The companies didn't disclose the financial terms of the transaction. The deal is subject to customary closing conditions.

Write to Kelly Cloonan at [e-mail]

(END) Dow Jones Newswires

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