Accenture has agreed to acquire First Annapolis Consulting in an effort to add payments expertise in several international markets.
Financial terms of the deal, which is expected to close in the next 30 days, were not disclosed. Accenture is interested in adding First Annapolis' existing work to aid the payments strategies of financial institutions, retailers, travel, communications and private equity firms. The Maryland-based First Annapolis also provides consulting in 20 of the largest 25 world economies and has an office in Amsterdam.
The Chicago-based Accenture has been building its bench to address the rapid introduction of new technology into the payments industry. It recently added a blockchain practice through a collaboration with Digital Asset Holdings and is also exploring the impact of other technology that underpins virtual currency.
"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 P-to-P payments disrupting traditional financial services and technology providers,” said Alan McIntyre, senior senior managing director and head of Accenture's Banking Practice, in a March 23 release.