Accenture Buys Full Ownership Stake In Solium From BBVA; Terms Undisclosed

(RTTNews) - Accenture (ACN) said Monday that it has strengthened its hybrid cloud and mobility capabilities in Europe by acquiring full ownership in Solium, a Madrid-based technology company. Terms of the transaction were not disclosed.

Accenture and BBVA founded Solium as a joint venture in 2001. BBVA owned 66.7 percent of the company at the time of sale. Accenture has now acquired BBVA's ownership stake and is the sole owner of Solium.

As part of the transaction, Solium will continue to provide hybrid cloud services to BBVA for the next five years. Solium's 65 professionals are expected to transition to Accenture and will continue to be located in Madrid.

Solium provides specific technical skills that enable a consumption-based, as-a-service cloud model including expertise in private and hybrid cloud, Cloud for SAP HANA, and Mobility Infrastructure Management. Its primary client base is in the financial services industry in Europe, and particularly Spain, but it also serves companies in other industries including natural resources, consumer products, communications and technology.