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Business News/ Companies / News/  Accenture to expand commercial services with Mindcurv acquisition
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Accenture to expand commercial services with Mindcurv acquisition

If the acquisition is approved by regulators, it would be Accenture Song’s second such bid to acquire a digital product company in 2024.

Accenture Song, the parent company’s digital agency, agreed to acquire the Essen-headquartered IT services company for an undisclosed amount. (Photo: Mint)Premium
Accenture Song, the parent company’s digital agency, agreed to acquire the Essen-headquartered IT services company for an undisclosed amount. (Photo: Mint)

BENGALURU : Accenture Plc will acquire Mindcurv, German IT services and data analytics firm, to expand its commercial services globally, the company said in a release.

Accenture Song, the parent company’s digital agency, agreed to acquire the Essen-headquartered IT services company for an undisclosed amount. 

Mindcurv provides digital services to clients in the manufacturing, retail, consumer goods, life sciences and chemicals sectors, most of whom are based in Europe.

“The price of the acquisition would likely be in the region of $150-250m and the acquisition gives Accenture a strong footing in the lucrative German market, which is the strongest in Europe for growth in digital transformation and e-commerce," said Phil Fersht, chief executive officer (CEO) of US-based HFS Research, an outsourcing-research firm.

Mint could not independently ascertain the terms of the acquisition. Mindcurv had not replied to Mint's emails seeking responses.

“This strategic move will enhance our ability to provide innovative, tailor-made cloud solutions, empowering clients with an unparalleled end-to-end digital experience in commerce transformation," said Max Morielli, president for Europe, the Middle East and Africa, for Accenture Song in the company release.

Mindcurv has 200 active clients with 700 employees globally, more than a third of which, or as many as 267, are based in its three offices in India, namely Coimbatore, Cochin, and Thiruvananthapuram.

“This acquisition is about growth, and the team is essential to that growth. Accenture is building up its commerce capability, in which Mindcurv will play a key role: Mindcurv talents are seen as critical in achieving this goal. To be clear, the highly skilled and experienced professionals Mindcurv bring is the key driver in Accenture’s intent to acquire Mindcurv," said Accenture in an emailed reply to Mint.

The German service provider is expected to join Accenture Song’s commerce practice, according to the release. Should the acquisition happen following regulatory approvals, it would be Accenture Song’s second such bid to acquire a digital product company in 2024.

“Our strengths combined offer formidable end-to-end digital commerce services, combining innovation, creativity and global reach delivered through an integrative and balanced approach with the support of teams across the countries we operate in," said Amjad Liaquat and Nazareno Avila, co-founders of Mindcurv in the press release.

Accenture Song had agreed to acquire Work & Co, Brooklyn-based digital product agency in January 2024 to enhance its digital product capability.

In April 2022, Accenture rebranded its digital agency network, formerly known as Accenture Interactive, to Accenture Song.

Accenture, which follows a September-August financial year, reported $18.4 billion in order bookings in the first quarter, while revenue totalled $16.2 billion.

 

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Published: 28 Feb 2024, 06:31 PM IST
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