Technology giant Accenture has agreed to buy SKS Group to strengthen its technology, consulting and regulatory services capabilities for banks. 

SKS Group operates as a consulting firm serving banks across Germany, Austria and Switzerland.

Using its SAP S/4HANA solutions, the Hochheim, Germany-headquartered firm enables banks to modernise their technology infrastructure and meet regulatory requirements.

The agreement covers all SKS Group businesses that assist financial institutions with the creation, deployment, and management of SAP solutions for analytics and core banking.

Additionally, SKS Group offers a broad range of risk, regulatory, and compliance services, including its observatory tool, which connects regulatory requirements to assist banks in managing their reporting procedures.

Accenture banking industry group lead in Europe David Cordero said: “SKS Group’s innovative solutions and skills will bolster our ability to transform banks’ core business functions, enabling them to operate more efficiently, make better use of their data and develop new products faster.

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“In addition, SKS Group’s strong capabilities for specialised banks will expand our banking services to new clients.”

Under the terms of the agreement, approximately 500 employees from SKS Group will join Accenture Technology.

SKS Group co-founder and managing director Martin Schuhmann said: “Accenture’s global scale and scope will provide our people with exciting new opportunities to take banks’ digital transformations to the next level, deliver superior customer experiences and improve regulatory reporting processes.”

Last June, Accenture agreed to buy Allgemeines Rechenzentrum (ARZ) for an undisclosed sum.