Accenture acquires Bath consulting firm
Accenture has acquired Bath-based Altus Consulting in a move which strengthens its strategic advisory and delivery services for insurance, investments and other financial services businesses across the UK.
Founded in 2005, Altus Consulting has developed advisory services underpinned by data-driven insight and detailed modelling, with knowledge of the operating models, data and platforms that power financial services organisations.
Altus Consulting designs and delivers business and technology solutions that help clients tackle complex challenges by improving administration, customer experience and product design. Its projects span workplace and individual pensions, annuities, investment and asset management solutions, as well as speciality markets and general insurance segments such as motor and medical.
Altus Consulting’s team join Accenture’s Insurance practice in the UK, bringing expertise in areas including distribution, risk & regulation, operating models, data and technology.
“A strong financial services sector is the backbone of a thriving economy in the UK, with insurers helping customers through some of the most challenging periods of their lives. Advances in technology present a significant opportunity to create growth and efficiencies for this vital sector, but only if they can harness it,” said Carmina Lees, insurance lead for Accenture in the UK & Ireland. “Our acquisition of Altus Consulting will accelerate our goal of helping clients to reinvent their business, building digital capabilities that enable them to better serve customers as they plan for their futures.”
“As several of the world’s largest economies face a significant proportion of their workforce entering retirement age over the next two decades, the ability for people to prepare well for retirement is increasingly more challenging,” said William Pritchett, global lead for Accenture’s retirement practice. “Government and industry are striving to help, including providing greater access to advice and guidance, narrowing the gender savings gap and establishing innovative risk-sharing products. Altus Consulting is a trusted advisor across the insurance and investment industries, bringing relevant experience and IP to enhance Accenture’s ability to address such challenges.”
“By joining Accenture, we gain the resources to dramatically enhance our offering to clients, whilst maintaining the values and approach that helped us build such a strong business. The move will allow us to deliver end-to-end transformation programmes at scale, from strategy and vision right through to design and delivery,” said Martyn Evans, CEO at Altus Consulting. “This is a pivotal moment for the financial services industry, particularly in insurance where there is still so much untapped potential for technology to innovate products and services. We’re excited about the future and to see the impact we can make for our clients with our shared vision.”
Altus Consulting builds on several significant acquisitions by Accenture in recent years that have expanded its offerings for clients across the financial services sector in the UK – including BCS Consulting and Mudano.
Accenture has acquired Altus Consulting from Equisoft Inc.a global digital solutions provider to the financial services industry. Equisoft Inc. retains the former Altus software business and maintains its focus on offering software products and tools within the life insurance, pensions and investments industries.
Terms of the transaction were not disclosed.
