Accenture buys corporate and commercial lending specialist TargetST8
Global technology and management consulting firm Accenture has acquired New York-based corporate and commercial lending consultancy TargetST8. The firm offers, among others, digital transformation services for lending process that leverage emerging technologies like robotic process automation and artificial intelligence.
New York-located TargetST8 Consulting provides corporate and commercial lending consulting services to leading banks and investment firms in the US and Europe. Since 2013, the firm has helped financial services clients unlock the power of digital lending solutions augmented by artificial intelligence and robotic process automation.
Within the lending arena, TargetST8 provides consulting expertise utilizing in-depth knowledge of emerging technologies, regulatory change and risk, data management, and outsourcing. The firm is a leading expert in the implementation of Finastra’s Loan IQ software, which allows lenders to optimize and automate their processes at every stage – from syndicated lending to trading and settlement.
TargetST8’s niche expertise attracted the interest of multinational management and technology consultant Accenture. The Dublin-based consulting giant has now acquired TargetST8, and will incorporate the firm into its Credit Consulting practice. Within, Accenture provides IT strategy, lending process automation, digital mortgage, and Finastra Loan IQ implementation services. As such, TargetST8’s competencies will neatly reinforce the practice’s current capabilities.
“TargetST8 consultants are known for their deep expertise, innovative digital solutions, and outstanding project delivery — particularly in their implementation of Finastra’s Loan IQ solution,” said Alan McIntyre, who leads Accenture's Banking practice globally. “The addition of TargetST8 will enhance our ability to help our commercial and corporate lending clients improve their processes and transform their businesses.”
TargetST8 Managing Partner Steve Shyn added, “Accenture’s scale, scope and reputation for excellence will benefit our clients and enable our employees to further develop their expertise. Our clients and employees will benefit from accelerated opportunities from the acquisition. We are excited to become part of one of the world’s leading companies.”
Accenture had $39.6 billion in global revenues in FY 2018, with offices in over 53 countries and an employee base of 459,000. The firm’s North American operations delivered $17.85 billion, or 45%, of global revenues. As of 2015, Accenture had about 48,000 employees in the US.
In other Accenture news, the firm was named one of People's 50 Companies That Care for its corporate efforts towards diversity and inclusion in its workforce.
