Accenture Takes Control of UniCredit's Tech Infrastructure
Accenture has acquired IBM's majority stake in Value Transformation Services (V-TServices), a joint venture that managed UniCredit's technology infrastructure. This move marks a significant shift in the European banking sector, with Accenture taking on the operational role and IBM becoming a platform provider.
The V-TServices joint venture was formed in 2013 between UniCredit's global service company, UBIS, and IBM. Initially, IBM held a 51% stake, while UBIS had 49%. The JV employed over 1,000 people across several European countries and managed IT infrastructure services for both UniCredit and third-party financial institutions.
Under the new agreement, Accenture will acquire IBM's majority stake in V-TServices, pending regulatory approvals. IBM will continue to provide technology platforms to UniCredit, including IBM Z, software, and consulting services. This partnership is part of a multi-year program to enhance UniCredit's underlying systems and operating model.
The move is seen as a response to the European Union's Digital Operational Resilience Act (DORA), which became fully applicable in January 2025. DORA imposes requirements on how banks manage ICT third-party risk, including provisions on concentration risk.