Accenture Buys Infinity Works To Boost Cloud Business In UK
Global consultancy firm Accenture announced the acquisition of UK-based Infinity Works for an undisclosed amount.
Infinity Works, a cloud and digital transformation consultancy, is a provider of various services including cloud, data, design and research, mobile, and full-stack engineering. Accenture (ACN) said that the deal will help strengthen its cloud services business in the UK.
The move comes after Accenture recently launched Cloud First, a new multi-service group of 70,000 cloud professionals, to rapidly expand its cloud service offerings.
Accenture Cloud First’s global head Karthik Narain said, “The Infinity Works team brings deep cloud and engineering specialization and increases our ability to leverage cloud-native architectures, applications and methods to help clients innovate and operate with speed and flexibility at scale.”
Earlier this week, Accenture acquired UK-based Edenhouse, an independent SAP partner, to better support clients in their digital transformation needs. The company’s 220 employees will join Accenture’s SAP businesses group in the UK and support local businesses while getting access to global resources. (See Accenture stock analysis on TipRanks)
On Dec. 18, Citigroup analyst Ashwin Shirvaikar increased the stock’s price target to $303 (18% upside potential) from $265 and reiterated a Buy rating. The analyst suggests investors hold their investments in Accenture based on rising demand over several quarters.
Wall Street analysts are cautiously optimistic about the stock. The Moderate Buy consensus rating breaks down into 9 Buy ratings versus 6 Hold ratings. The average analyst price target stands at $279.07 and implies upside potential of about 8.6% to current levels over the next 12 months. That’s after shares jumped 22.7% over the past year.
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