In the face of increasing demand from financial services institutions across the globe looking to develop solutions in the payments space, Accenture has acquired First Annapolis Consulting for an undisclosed sum.
First Annapolis Consulting is an Annapolis-based management consulting firm, focused on the payment-based sector players, from credit and debit card issuers to retailers. In addition to core advisory services, the firm also offers M&A focused advisory services. The firm, which was founded in 1991, operates in 20 of the world’s largest economies, including clients across Europe, served from its office in Amsterdam. The firm has seven partners and eight principals, among other professional staff.
The payments sector continues to see the entry of potentially disruptive new technologies, from continued keen interest from FinTech startup propositions to the effects of blockchain technologies. Incumbent financial institutions have been keen to develop their own solutions, partner with startups, or in other instances, acquire expertise and solutions through M&A.
The acquisition sees First Annapolis Consulting become part of Accenture’s wider offering in the capabilities in the payments space, complementing the firm’s current expertise in consulting and digital capabilities in the payments sector. The value of the deal has not been disclosed, and is expected to closed in the second quarter of 2017.
Regarding the reasons for the acquisition, Alan McIntyre, Senior Managing Director, and head of Accenture’s Banking practice, remarks, “The pace of innovation in the payments sector is accelerating with new platforms and tools being launched daily; and emerging technologies such as blockchain, mobile wallets, and P2P payments disrupting traditional financial services and technology providers. He adds, “As payments increasingly move from plastic to digital, players across the industry value chain will need to rethink their value propositions and business models. Our acquisition of First Annapolis will enhance our capabilities in the payments sector, positioning us to lead with expertise and scale to provide clients the advice and execution capabilities needed to navigate the rapidly evolving retail and commercial payments landscape.”
Marc Abbey, First Annapolis’ Managing Partner, says that the firm is “excited” to join Accenture, add that the firm “tremendous scale and scope will enable us to expand our geographic reach and provide services to an even-broader client base. Our specialized service offerings will complement Accenture’s technology-focused expertise in the payments arena, enabling us to bring the full range of services to our existing and future clients.”