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Capgemini acquires a 20% stake in Azqore

04 Oct 2018

Paris, October 4th, 2018 – Indosuez Wealth Management, the global wealth management brand of Crédit Agricole group, and Capgemini, announce Capgemini’s acquisition of a 20% stake in Azqore, Indosuez’s subsidiary specializing in technology outsourcing services and banking transactions for the wealth management sector.

This equity investment confirms the strategic ambition of the two groups to set a global benchmark in technology outsourcing services and banking transactions for the wealth management sector and mid-sized universal banks. Following more than five years of successful collaboration between Azqore and Capgemini, it draws on the synergies of their areas of expertise, combined with Azqore’s knowledge of the sector developed over its 25 years in business.

Azqore now occupies a unique position on the market by offering its clients financial solidity combined with expertise in banking professions, technology and digital transformation.

Capgemini’s investment in Azqore will enable the company to accelerate the functional and technological development of its proprietary S2i platform[1], while expanding its offering for customers to new services such as training and specialized consulting. Azqore will draw on the market leading expertise of Capgemini to enable a wide range of digital solutions and support wealth management players in their transformation. Capgemini will also contribute to the development of Azqore in Switzerland, the Eurozone and Asia, by drawing on its global network of 200,000 employees.

The technology outsourcing and banking transactions market for wealth management companies and private banks is expected to grow by more than 30% by 2020[2]. Azqore’s offering enables banks to significantly reduce their operating costs for technology and banking transactions, in order to invest more efficiently in digital transformation and the quality of the customer experience.

Jacques Prost, Chief Executive Officer of Indosuez Wealth Management, says: “This agreement paves the way for a new phase in the development of Azqore. Wealth management players are facing an increasingly complex regulatory environment and the need to strengthen their operational efficiency. The combination of our banking expertise, notably in processing transactions and risk management, with Capgemini’s expertise in digital and technology services, will allow us to deploy effective and innovative solutions. We are confirming our ambition to create a global benchmark in technology and banking transactions for the Wealth Management sector.” 

Thierry Delaporte, Group Executive Board Member and Chief Operating Officer at Capgemini, adds: “Capgemini has demonstrated its leadership in creating value for its clients and enabling both productivity and digital transformation on a global scale. We are thrilled to be taking this new strategic step with Indosuez Wealth Management to consolidate our offer aimed at international clients in the Wealth Management sector.”

Pierre Dulon, Chief Executive Officer of Azqore, says: “We believe that digital innovation will fundamentally transform the Wealth Management sector. Azqore now offers a unique approach and expertise drawing on the capabilities and constant innovation of Capgemini and Crédit Agricole, for the benefit of our clients.” 

The transaction should be completed by the end of the month.

About Azqore

Azqore is the expert partner in digital transformation for the wealth management companies of tomorrow.

Azqore strengthens the operational efficiency of private banks and wealth management companies while supporting their efforts to ensure compliance with changing regulations. With more than 25 years’ experience, the company offers its services to 30 clients in 11 countries via its three locations (Geneva, Lausanne and Singapore), and manages assets totalling CHF 150 billion.

Through its proprietary S2i platform, Azqore offers integrated technology services, an operational back office and consulting services for a range of projects.

The community of Azqore users can choose between a business process outsourcing (BPO) service provided by back-office experts and a Software as a Service (SaaS) solution using their own resources. These two solutions are based on a single version of an integrated S2i banking software, which is regularly updated to improve performance and ensure compliance with regulatory changes. The functionalities of this platform can be customised in advance with the help of secure API programming interfaces.

Azqore is a subsidiary of Indosuez Wealth Management group, the global wealth management brand of Crédit Agricole group.

About Indosuez Wealth Management

Indosuez Wealth Management is the global wealth management brand of Crédit Agricole group, the world’s 13th largest bank by Tier 1 capital (source: The Banker, July 2018).

Shaped by 140 years of experience helping families and entrepreneurs around the globe, Indosuez Wealth Management offers a tailored approach that enables each of its clients to manage, protect and pass on their wealth according to their specific needs. Its teams take a comprehensive view and provide expert advice and exceptional service, offering a wide range of services for the management of both personal and business assets.

Renowned for its combination of a human scale and a truly international reach, Indosuez Wealth Management has 3,110 employees in 14 countries around the world, in Europe (France, Belgium, Spain, Italy, Luxembourg, Monaco and Switzerland), Asia-Pacific (Hong Kong, Singapore and New Caledonia), the Middle East (Abu Dhabi, Dubai and Lebanon) and the Americas (Brazil, Uruguay and Miami).

With €118 billion in assets under management (at 31/12/2017), the Indosuez Wealth Management Group is one of the global leaders in Wealth Management.

About Capgemini

Capgemini is a global leader in consulting, technology services and digital transformation. At the forefront of innovation, the Group helps its clients to take full advantage of the opportunities presented by the cloud, digital and various platforms. With 50 years’ experience and extensive expertise in various business sectors, it supports companies and organisations in the realisation of their goals, from defining their strategy to carrying out operations. For Capgemini, it is people who bring real value to technology. Resolutely multicultural, the Group has 200,000 employees located in over 40 countries. The Group reported global revenues of €12.8 billion in 2017.

More information is available at  People matter, results count.

[1] S2i is the existing Azqore proprietary end-to-end platform

[2] Based on the BCG database on the size of the global wealth management market (2017)