Accenture has agreed to acquire payments consulting and advisory firm, First Annapolis Consulting in a move to expand its capabilities in the payments segment.
Terms of the transaction were not disclosed.
Founded in 1991 and headquartered in Annapolis, MD, First Annapolis provides advisory services to stakeholders across the payments ecosystem. It serves a wide range of clients globally, including leading financial institutions, retailers, travel and entertainment companies, communications/technology companies, and private-equity firms.
First Annapolis has provided advisory services in 20 of the top 25 world economies and serves clients across Europe through its office in Amsterdam.
The addition of First Annapolis – with its proven expertise across the payments value chain – will complement Accenture’s consulting and digital capabilities in the payments sector.
Alan McIntyre, senior managing director, and head of Accenture’s Banking practice 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.”
Marc Abbey, First Annapolis’ managing partner, 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.”
The acquisition, which is subject to customary closing conditions, is expected to close within 30 days.