Accenture said on Monday it would buy Enimbos, a cloud migration provider, in a deal that will boost its multi-cloud strategy and cloud migration services in Spain and Portugal as more customers accelerate their digital transformations.
Madrid-based Enimbos is an Amazon Web Services (AWS) premier consulting partner and has strong relationships with other cloud providers, bringing a total of more than 260 cloud-related certifications. The deal follows Accenture’s (ACN) announcement last month that it will invest $3 billion to help clients rapidly become “cloud-first” businesses and accelerate their digital transformations. The IT consulting firm did not disclose the financial terms of the transaction.
Following the deal, Enimbos’s employees will join Accenture’s Cloud First organization, which includes 70,000 cloud professionals globally who help clients transform processes and functions through integrated cloud strategies.
“The addition of Enimbos is a significant step forward in our growth strategy in Spain and Portugal, and in our plans to continue enhancing Accenture’s specialized capabilities with each of the native ecosystem partners in the cloud world, such as Amazon, Google and Microsoft,” said Accenture’s Domingo Mirón. “Most companies have not completed their digital transformation and urgently need to fast-track their innovation journeys. Cloud is the key enabler to complete their transformation, and COVID-19 has further accelerated this mandate. This accelerated transition will shift companies to about 80% cloud in the next three years.”
Apart from cloud migration services, Enimbos also provides cloud modernization services, standardized multi-cloud managed services, and cloud governance and optimization. Enimbos is headquartered in Madrid, with additional offices in Cáceres, Mérida and Barcelona in Spain, and in Aveiro and Lisbon in Portugal.
Shares in Accenture have climbed more than 9% so far this year, and analysts have a cautiously optimistic Moderate Buy consensus on the stock’s outlook. Looking ahead, its $242.92 average price target indicates 5.8% upside potential from current levels.
Morgan Stanley analyst James Faucette this month raised the stock’s price target to $263 from $250 and reiterated a Buy rating.
“A rebound in spending expectations, while still soft, highlights the broader demand recovery we see across the sector,” Faucette wrote in a note to investors. “With Digital Transformation (DX) and Cloud remaining top priorities, we see COVID-19 as a DX accelerant, and continue to view OW-rated ACN and EPAM as the best ways to participate.” (See Accenture stock analysis on TipRanks).
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