Accenture has agreed to acquire payments consulting and advisory firm First Annapolis Consulting for an undisclosed sum.

Founded in 1991, the acquired firm offers advisory services to financial institutions, retailers, travel and entertainment companies, communications/technology companies, and private-equity firms.

First Annapolis, which has offered advisory services in 20 of the top 25 global economies, serves clients across Europe through its office in Amsterdam.

Accenture said that the acquisition will complement its consulting and digital capabilities in the payments sector.

Accenture senior managing director and head of banking practice Alan McIntyre said: “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.

“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.”

First Annapolis managing partner Marc Abbey said: “We’re excited to join Accenture, whose 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.”