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New York-listed professional services company Accenture has bought Bath's Altus Consulting to expand its presence in the UK.
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.
According to Accenture, Altus Consulting, founded in 2005, has developed highly respected advisory services underpinned by data-driven insight and detailed modelling, with deep knowledge of the operating models, data and platforms that power financial services organisations. "It is an established industry thought leader with a dedicated focus on life, pensions, investments and insurance, and has long-standing relationships with many financial services firms in the UK," Accenture said.
Altus Consulting's team will 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."
Martyn Evans, CEO at Altus Consulting, added: "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. 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."
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.
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