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."