PracticeConsultingAccenture offloads IT start-ups

Accenture offloads IT start-ups

Management consultants Accenture, formerly Andersen Consulting, has agreed to sell its venture and investment portfolio to Canadian Imperial Bank of Commerce World Markets, the investment and merchant banking arm of Toronto-based CIBC.

Link: Cap Gemini fights Accenture for Revenue contract

Under the agreement, Accenture will retain a 5% stake in the portfolio, which is made up of approximately ’80 early and mid-stage technology companies, primarily in the software area’.

Accenture said the decision to sell the portfolio was to reduce volatility in future earnings. The company will no longer invest in direct venture capital.

No additional charges against earnings are expected due to the sale, which is scheduled to be completed by the end of the year.

Last month the consulting business said it would cut 1,000 staff worldwide including 150 senior UK managers.

Accenture floated on the NYSE in July last year. Stocks were last trading at $16.50, up $0.23 on the day.

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