Accenture Acquires Xoomworks to Enhance Procurement and Digital Transformation Capabilities in Europe

Rhea-AI Summary

Accenture (NYSE: ACN) has acquired Xoomworks Group, a consulting and technology firm specializing in procurement technology and digital innovation. This acquisition aims to enhance Accenture's capacity to assist clients in technology-led business and procurement transformations. With over 250 professionals, Xoomworks operates in various countries, including the UK, Germany, and Sweden. The addition strengthens Accenture’s Closed Loop Spend Management capabilities, promoting sustainable cost savings and improved procurement processes.

Positive

• Enhanced technology-led business and procurement transformation capabilities.
• Strengthened Closed Loop Spend Management capabilities for clients.
• Expansion of client services through Xoomworks's proprietary methodologies.

Negative

• None.

LONDON--(BUSINESS WIRE)-- Accenture (NYSE: ACN) has acquired Xoomworks Group, a consulting and technology company that specializes in procurement technology, digital innovation and software solutions development. The acquisition will expand Accenture’s capabilities for helping clients accelerate technology-led business and procurement transformation. Terms of the transaction were not disclosed.

Xoomworks is now part of the Accenture family (Graphic: Business Wire)

Established in 2000, Xoomworks operates two distinct businesses: Xoomworks Procurement, a specialist consultancy focused on sourcing and procurement transformation, and Xoomworks Technology, a software development business that partners with clients across industries to help them innovate at speed and scale digital solutions that create value and solve complex business problems. Headquartered in London, Xoomworks’s team of more than 250 professionals are joining Accenture from across their operations in the United Kingdom, France, Germany, Romania, Bulgaria, Denmark and Sweden.

Xoomworks Procurement brings proprietary methodologies and solutions for full procurement lifecycle implementations, data-driven spend management and change management. The addition of Xoomworks Procurement strengthens Accenture’s Closed Loop Spend Management capabilities, which help clients with end-to-end transformations that deliver unprecedented visibility across direct and indirect cost categories and drive new ways of working to generate sustainable cost savings and top line value. Xoomworks shares deep relationships with Accenture ecosystem partners, including SAP Ariba, Coupa and Jaggaer.

“Now more than ever, companies need to take a more proactive approach to managing third-party spend that positions them for enduring growth and prepares them for what’s next,” said Pierre-François Kaltenbach, senior managing director within Accenture’s Supply Chain & Operations group. “We’re delighted to welcome Xoomworks to our team and join our mission to help clients transform their procurement capabilities to accelerate innovation and drive breakthrough value, while answering the call for more responsible business.”

Xoomworks Technology has in-depth experience in bespoke software development, UX & mobile, data engineering, product innovation, and cloud integrations. With a strong reputation for problem-solving, Xoomworks Technology brings a carefully developed approach for delivery designed to create value, foster innovation and achieve business outcomes, which has translated into long-lasting strategic client relationships.

Jan Van Den Bremen, senior managing director and Accenture’s Intelligent Platform Services Europe Lead, said: “Intelligent platforms and ecosystem partners play a pivotal role in bringing together the major capabilities needed to run a modern enterprise and take advantage of new business models. With the addition of Xoomworks, we are expanding our deep technology expertise to further help accelerate the path to value for our clients at speed.”

Malcolm Clark, Co-founder and Group CEO, Xoomworks, added: “When we founded Xoomworks 21 years ago, we set out to create technology-led solutions to solve specific business problems and deliver high-performance outcomes with a focus on forming deep client relationships built on trust. We've done just that. I'm immensely proud of our people, our achievements and our collaborative values-led approach. The world has changed radically in the last two decades; by combining our experience, capabilities and expertise and with a shared vision of the future, we know we can have an even bigger impact as part of Accenture."

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 624,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; The COVID-19 pandemic has impacted Accenture’s business and operations, and the extent to which it will continue to do so and its impact on the company’s future financial results are uncertain; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Copyright© 2021 Accenture. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005584/en/

Maggie Nolan

Accenture

+1 917-452-3964

margaret.d.nolan@accenture.com

Source: Accenture

FAQ

What is the purpose of Accenture's acquisition of Xoomworks Group?

The acquisition aims to enhance Accenture's capabilities in technology-led business transformation and procurement solutions.

What impact will the acquisition of Xoomworks have on Accenture's services?

It will strengthen Accenture's Closed Loop Spend Management capabilities, allowing for improved procurement processes and sustainable cost savings.

What specialties does Xoomworks Group bring to Accenture?

Xoomworks specializes in procurement technology, digital innovation, and bespoke software solutions.

When was the acquisition of Xoomworks Group announced by Accenture?

The acquisition was announced in October 2021.

How many professionals from Xoomworks are joining Accenture?

Over 250 professionals from Xoomworks are joining Accenture.