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Accenture acquires Toronto-based risk/compliance consultancy

VERAX was founded in 2003 and employs approximately 180 people in its Toronto and Halifax offices. According to a statement, its service areas include: IT strategy, enterprise architecture consulting, project and program management, financial risk and compliance solutions, as well as business intelligence and data warehousing. Lines of business served include: wealth management, brokerage and mutual funds, mobile and online banking, retail and commercial banking, and insurance and capital markets.

“VERAX consultants are known for their deep technical expertise, collaborative culture and strong reputation for delivery, which we believe will greatly complement and enhance the breadth and depth of our financial services capabilities in Canada,” said Robert Vokes, managing director of Accenture’s Financial Services practice in Canada. “The combination of Accenture and VERAX will help enable our clients to react even more quickly and with even more confidence, as banks face increased pressure to adjust to new digital capabilities, new regulatory requests, and increased competition.”