Why IT Services Firms Are Doubling Down on Financial Services
As global banks and wealth managers modernise core systems, demand for specialised transformation partners is rising. Indian IT services majors are increasingly using targeted acquisitions to deepen domain expertise, especially in wealth management and core banking platforms where margins and long-term contracts remain attractive.
What the Acquisition Involves
IT services major HCLTech has signed a definitive agreement to acquire Singapore-based wealth consulting firm Finergic Solutions for S$19 million (around $14.7 million) in an all-cash deal. The transaction is expected to close by April 30, 2026.
HCLTech said the acquisition aligns with its strategy to strengthen capabilities in financial services, particularly across core banking and wealth management.
About Finergic and Its Capabilities
Founded in 2019, Finergic focuses on core banking and wealth management transformation for financial institutions. The firm has a presence across Singapore, Luxembourg, Switzerland, and India, and brings niche consulting expertise to complex modernisation programmes.
Finergic reported revenue of S$12.6 million for the financial year ended December 31, 2024. Its capabilities are expected to complement HCLTech’s existing experience supporting clients on Temenos platforms, including over 40 global banks.
Strategic Fit for HCLTech
According to HCLTech, combining Finergic’s specialised domain knowledge with its global delivery scale will enhance service offerings for banks and wealth managers undergoing digital transformation. The acquisition strengthens HCLTech’s positioning in high-value financial services consulting, beyond traditional IT outsourcing.
Market Context and Competitive Landscape
As banks invest in upgrading legacy systems, competition among IT service providers is intensifying. Firms with deep platform expertise and end-to-end transformation capabilities are better placed to win multi-year engagements in wealth and private banking.
Evergreen Insight: Niche Expertise Is Becoming a Growth Lever
For large IT services firms, acquiring focused specialists like Finergic reflects a broader shift toward capability-led growth rather than horizontal scale alone.
Founder and Operator Takeaway
The deal underscores how domain depth in regulated sectors such as financial services can significantly enhance strategic value in today’s IT services market.
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