Professional services firm Accenture has brokered a deal to acquire Allgemeines Rechenzentrum (ARZ) for an undisclosed sum. 

ARZ specialises in providing technology services to the banking sector in Austria. The deal is expected to expand Accenture’s cloud-based banking platform-as-a-service products portfolio.

Accenture offers core banking, online banking, and regulatory services for banking customers across Europe.

Volksbanken Group and Hypobanken Group, along with other private banks, own a majority stake in ARZ. 

It also operates a banking sector-focused technology competence centre for innovation and technology services.

As per the terms of the deal, which is subject to certain conditions, ARZ’s team of around 600 will move to Accenture and continue to operate out of their locations in Vienna and Innsbruck.  

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Accenture senior managing director of financial services practice in Europe Roland Smertnig said: “Our vision is to develop an innovative cloud-based banking platform-as-a-service offering for new and existing clients across Europe.

“By acquiring ARZ, we are expanding our digital transformation capabilities to help banks of the future as they look to move more of their core functions to the cloud, enable new business models, and reinvent the services and experiences they provide to customers.”

Volksbank Wien CEO Gerald Fleischmann said: “The move to Accenture is a strategically smart development. Volksbanken and their customers will benefit from the combined expertise, the innovative services and collaboration between ARZ and Accenture.”