HCL Tech to buy Swiss digital banking specialist Confinale

Noida-based publicly listed HCL Technologies (HCL) is to acquire Confinale AG, a Switzerland-based digital banking and wealth management consulting specialist and implementation partner of wealth management software maker Avaloq. The acquisition is expected to strengthen HCL's digital wealth and asset management capabilities and expand presence in the global investment banking sector. According to a Economic Times report (print edition), the deal value was CHF 53 million (INR 415 Cr) Founded in 2012, Confinale focuses on IT consulting in the banking and wealth management sector. With offices in Zurich, Zug and Geneva in Switzerland as well as Düsseldorf in Germany and London, Confinale works with a host of banks and wealth advisors.