Accenture Acquires VERAX, Enhancing Its Banking Technology Capabilities in Canada

Toronto-based technology services firm provides breadth of digital and technology integration experience.

REUTERS

Accenture (No. 14 on the DiversityInc Top 50 Companies list) has acquired VERAX Solutions ("VERAX"), a Toronto-based technology and systems-integration consulting firm that serves the financial services sector in Canada. Financial terms were not disclosed.


VERAX is a privately-owned company founded in 2003 that employs around 180 people at offices in Toronto and Halifax. Its key service areas include IT strategy, enterprise architecture consulting, project and program management, financial risk and compliance solutions, as well as business intelligence and data warehousing. Serving leading banking, insurance and capital markets institutions, VERAX delivers IT consulting initiatives across the full range of financial-services lines of business, including wealth management, brokerage and mutual funds, mobile and online banking, retail and commercial banking, and insurance and capital markets.

The addition of VERAX – with its proven technology and systems-integration expertise across the financial services sector – will complement and enhance Accenture's consulting and technology capabilities in Canada.

"VERAX consultants are known for their deep technical expertise, collaborative culture and strong reputation for delivery, which we believe will greatly complement and enhance the breadth and depth of our financial services capabilities in Canada," said Robert Vokes, managing director of Accenture's Financial Services practice in Canada. "The combination of Accenture and VERAX will help enable our clients to react even more quickly and with even more confidence, as banks face increased pressure to adjust to new digital capabilities, new regulatory requests, and increased competition."

Sid Thomas, VERAX's CEO and founder, said: "We are excited to join Accenture, whose scale, scope and reputation for excellence will benefit our clients and will provide an opportunity for our employees to escalate their careers and enhance the benefits they deliver to our clients."

Successful Companies Pivot to New Opportunities by Revitalizing – Not Neglecting – Their Core Businesses, Accenture Report Finds

Report identifies three actions common to the six percent of companies that have embraced the future most decisively

REUTERS

Originally Published by Accenture.

The majority (54 percent) of C-level executives expect their new business activities to generate at least half of their company's revenues within the next three years, even though only one-third (33 percent) of the executives said their company currently generates more than half of its revenues from business activities started in the past three years, according to new research from Accenture.

Read More Show Less

Accenture Commits $200 Million to Education, Training and Skills Initiatives over next Three Years to Equip People Around the World for Work in the Digital Age

Commitment includes company's Skills to Succeed goal to equip more than 3 million people with job and entrepreneurial skills by 2020.

REUTERS

Originally published by Accenture.

Supporting its vision to improve the way the world works and lives, Accenture (NYSE: ACN) is committing more than US$200 million over the next three years to help equip people around the world with job skills for the digital age.

Read More Show Less
REUTERS

Originally Published by Accenture.

While most companies recognize the value of a digitally enabled supply chain – empowered by new technologies like artificial intelligence, blockchain, big data and analytics ­– many chief supply chain officers (CSCOs) are not leveraging their C-suite counterparts to help reinvent the supply chain function and transform it into an engine of new growth models and customer experiences, according to new research from Accenture.

The research report, Drive Your Own Disruption: Is your supply chain in sleep mode?, reveals that the 900 supply chain executives surveyed were more likely to say that they see their function in two years as a cost efficiency driver (60 percent) or a support function (68 percent) than as a competitive differentiator (48 percent) or a growth enabler (53 percent) within their organizations, which can leave significant value on the table.

"Supply chain executives should take no comfort in being categorized as a support function," said Mohammed (Mo) Hajibashi, a managing director at Accenture and global Supply Chain lead in its Products industry practice. "In this digital era where customers demand speed to market and hyper-personalization, these executives need to ensure that their supply chain function is not only a key differentiator but also ensures the sustained growth of their organizations. The fast and efficient adoption of the right new technologies that enable a new way of working, along with increased C-suite engagement with the supply chain function, are the keys to achieving growth via new digital business models that create new customer experiences, craved by the consumer."

Accenture research found that 80 percent of the supply chain executives surveyed identify the chief information officer or chief technology officer – not the CEO, chief operating officer (COO) or chief financial officer (CFO) – as key stakeholders, even despite the major role the CFO has in making technology investment decisions and the COO's role in designing the operating model.

Furthermore, in many organizations, the supply chain isn't seen as a driver of differentiation and aggressive growth. Meanwhile, the CSCOs blame the absence of a clear business strategy (cited by 43 percent of CSCOs surveyed), together with an inadequately skilled workforce (48 percent) and incompatible legacy systems (44 percent), for their function's inability to drive value for the organization.

How To Overcome C-suite Challenges

According to the report, CSCOs have an opportunity to work with the full C-suite to overcome three core challenges – leadership, labor and legacy technology – and move their function toward better and more strategic partnerships that will provide the organization with increased value-driving potential.

  • Leadership. The CSCO will need to be better aligned with business strategy and build a new and productive working relationship with the executives responsible for long-term digital investment: the CFO and COO.
  • Labor. CSCOs need to build a workforce that focuses on core supply chain workers, "adaptive" (part-time and on-demand) workers and artificial intelligence / robotics — all working together to drive productivity at speed. The CSCO will also need to leverage their C-suite connections to secure support for a reskilling strategy founded on continuous learning.
  • Legacy Technology. Digitally decoupling legacy systems provides a less-resource-intensive and more impactful way to drive agility than spending on new, more compatible systems. CSCOs can start by decoupling data from their legacy IT systems, replicating it and moving it, in real time, to cloud-based data "lakes" that are accessible to customers.
To find out more about the report, visit Accenture.com/wakeupyoursupplychain. Join the conversation at @Accenture #supplychain and #wakeupyoursupplychain.