Accenture (NYSE: ACN) has entered into an agreement with the Fibonacci Group to acquire Cabel Industry, an Italian tech company that provides specialized core banking and IT managed services to mid-size financial institutions. The acquisition will enhance the managed services portfolio of Accenture Financial Advanced Solutions & Technology (AFAST).
By integrating Cabel Industry’s capabilities—along with its approx. 200 skilled professionals—AFAST will be “positioned to deliver IT solutions for the banking and insurance sectors, including in credit management, and accelerate technology adoption among mid-market institutions, helping them build more scalable and competitive business models.”
Teodoro Lio, market unit lead for Accenture in Italy, said that core banking and credit management services are “undergoing a profound transformation driven by new demands for modernization, scalability and productivity.”
Lio added that integrating Cabel Industry into Accenture significantly strengthens their “core banking proposition.”
They also mentioned that their specialized platform and industry expertise enable them “to accelerate the delivery of flexible, industrialized solutions aligned with the evolving technology priorities of Italian banks.”
Massimiliano Colangelo, Financial Services lead for Accenture in Italy and Greece said that combining Cabel Industry’s capabilities with Accenture’s existing AFAST assets will “create important synergies for our clients and lead to a stronger platform for innovation and efficiency.”
They further noted that they can “support financial institutions in their IT reinvention journeys—from core banking modernization to managed services—reinforcing our role as a trusted partner in the region.”
Andrea Pettinelli, CEO of the Fibonacci Group and Chairman of Cabel Industry said that advancements in banking increasingly depends on economies of scale and Accenture’s “expertise and global network will ensure continuity of service for our clients while providing the best opportunity for their people to expand their skillsets.”
They believe that the integration of Cabel Industry’s capabilities into AFAST, including around credit management, “will enable them to develop new technology solutions and deliver even more value to clients.”
Since 2023, Accenture has reportedly completed seven “strategic acquisitions in Italy, including IQT (Engineering Managed Services), Ammagamma (AI), Intellera Consulting (Public Administration), Fibermind (5G and fiber networks), Customer Management IT and SirfinPA (Justice and Security), and SIPAL’s Integrated Product Support business (Aerospace and Defense).”
Terms of the transaction have not been shared publicly.
Completion of the acquisition is currently said to be “subject to customary closing conditions.”