Accenture acquires Cloudworks

TORONTO; July 19, 2021 – Accenture (NYSE: ACN) has acquired Cloudworks, a leading Toronto-based Oracle Cloud implementation service provider across North America. The deal further enhances Accenture’s capabilities to deliver Oracle solutions to clients on their journeys to the cloud. The financial terms of the acquisition were not disclosed.

Cloudworks, founded in 2016, specializes in strategy, business and technology consulting and has become well known for Oracle Cloud-based solutions in Enterprise Resource Planning, Enterprise Performance Management and Human Capital Management. Cloudworks has leading capabilities in robotic process automation (RPA), data analytics and AI, which help maximize the business value for clients' investments in Oracle Cloud.

The company supports clients in several industries, including transportation, healthcare, manufacturing, retail, mining, oil & gas, utilities and energy, telecommunications & media, financial services, real estate, public sector, and higher education. The majority of Cloudworks’ 100 employees are located in Toronto, with additional offices in Calgary, and other locations throughout the United States.

“As organizations across Canada continue to accelerate their technology transformation programs, we anticipate the demand for Oracle solutions to grow significantly,” said Jeffrey Russell, president of Accenture in Canada. “By acquiring Cloudworks, we add a highly talented team with industry-specific experience in combining the power of Oracle with the ingenuity of people to unlock new possibilities for clients.”

Jennifer Jackson, Accenture Technology lead for Canada, said, “Cloudworks is a well-known Oracle services provider that has worked with organizations across Canada and across industries. We are thrilled to grow our Technology practice in Canada with the Cloudworks team who strengthen our ability to meet the growing need from Canadian organizations to unleash the power of cloud, data and innovation to create truly future-ready organizations.”

Samia Tarraf, Accenture Oracle Business Group lead for North America said, “The impact of the Cloudworks team and its experience working with clients in Canada and the U.S. bolsters our entire Oracle business in North America as organizations fast-track their cloud journeys and look to Oracle Cloud applications to create more value and make their businesses more resilient.”

Jason Nott, cofounder and CEO of Cloudworks, added, “With Accenture’s in-depth capabilities, global scale and experience co-creating and co-developing Oracle solutions, we look forward to delivering greater value for clients, as well as opening up new opportunities for our people. Joining Accenture will also help Cloudworks provide more services to clients through its global team of experts in digital, cloud and robotic process automation.”

Cloudworks marks the third acquisition for Accenture Canada over the last year. Accenture acquired Avenai, an Ottawa consultancy focused on public service organizations, and Callisto Integration, an Oakville, Ontario provider of consulting and technology services in digital manufacturing in food and beverage, chemicals, utilities and other industries, both in 2020.

Globally, in 2021, Accenture has announced two Oracle-focused acquisitions: Nell’Armonia, a leading consulting and technology company specialized in enterprise performance management solutions, headquartered in Paris, France, and AppsPro, one of the leading Oracle Cloud implementation service providers in Saudi Arabia.

Accenture has recently been named a leader in several recent global analyst reports focused on Oracle: IDC MarketScape: Worldwide Supply Chain Oracle Ecosystems 2021 vendor assessment (Mar 2021 | Doc #US47537020) and The Forrester Wave™: Services Providers For Oracle SaaS Business Apps, Q4 2020. Accenture was also named a Leader in the 2021 Gartner Magic Quadrant for Oracle Cloud Applications Services, Worldwide, which found that by the end of 2024, “75 percent of Oracle applications services revenue will be cloud-related as enterprises accelerate their move to the cloud in response to the COVID-19 pandemic.”

Accenture has deep global expertise across a full range of Oracle Solutions with thousands of Oracle-skilled consultants worldwide who help accelerate digital transformation by implementing Oracle-based business solutions and new business processes that develop and evolve as their digital business grows. Accenture has teamed with Oracle for over 30 years and is a Global Cloud Elite-level member in Oracle Partner Network. For more information on the Accenture and Oracle relationship, visit www.accenture.com/oracle.

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Contact:

Susan Kirwin
Accenture
+1 416-641-5148
susan.kirwin@accenture.com