Oliver Wyman, a global management consulting firm and a business of Marsh McLennan (NYSE: MMC), announced that it has reached an agreement to buy Innopay, a consultancy firm specialized in digital transactions.
Innopay will complement Oliver Wyman’s existing payments consulting capabilities. Terms of the transaction, which is expected “to close before the end of the first quarter of 2024, were not disclosed.”
Innopay explains that it “delivers strategy, scheme development, and execution in the domain of digital payments, open finance, digital identity, and data sharing.”
Their services capture an end-to-end offering in the payments sector “to support companies and organisations to identify and seize opportunities in a digital world.”
Innopay will join Oliver Wyman as “a specialist consulting business within the group’s European region. It will continue to operate in the Netherlands and Germany, maintaining its presence in Amsterdam and Frankfurt.”
Shikko Nijland, CEO, Innopay, will join “as Senior Vice President and be part of Oliver Wyman’s payments leadership team, reporting to both Dr. Stephen Whitehouse, Partner and Head of Payments, Europe, Oliver Wyman, and Ted Rudholm-Alfvin, Partner, Oliver Wyman.”
Dr. Stephen Whitehouse, Partner and Head of Payments, Europe, Oliver Wyman, said:
“The European payments landscape is undergoing significant transformation, driven by technological advancements, changing consumer preferences, and regulatory developments. Bringing Oliver Wyman and Innopay together creates a unique offering, which will accelerate the impact of our people and work as we look to unlock value through deep industry knowledge and collaboration.”
Shikko Nijland, CEO, Innopay added:
“Oliver Wyman’s acquisition of Innopay is a testament to our commitment to growth and innovation. Its global network and expertise will reinforce our ability to provide market-leading and exciting new opportunities, helping clients navigate the evolving landscape of digital transactions and providing additional opportunities for our colleagues.”
As noted in the update, Innopay is “an international consultancy firm specialized in digital transactions. It helps companies anywhere in the world to harness the full potential of the digital transactions era.”
The firm does this through a broad range of propositions in “the domain of digital payments, open finance, digital identity and data sharing.
Innopay’s services capture the entire strategic and operational spectrum of “each client’s business, the technology they deploy, and the way they respond to local and international regulations.”