- News>
- World
CIBC to buy Accenture`s venture portfolio
New York, Aug 07: Accenture said on Tuesday it will sell its venture and investment portfolio to CIBC World Markets, the investment and merchant banking arm of Toronto-based Canadian Imperial Bank of Commerce. Terms of the transaction were not disclosed. Neither company was available for comment.
New York, Aug 07: Accenture said on Tuesday it will sell its venture and investment portfolio to CIBC World Markets, the investment and merchant banking arm of Toronto-based Canadian Imperial Bank of Commerce. Terms of the transaction were not disclosed. Neither company was available for comment.
Accenture will retain a 5% stake in the portfolio, according to a statement. The portfolio comprises approximately 80 early- and mid-stage technology companies, primarily in the software area. Accenture will also continue its existing alliances and client relationships with companies in the portfolio. Accenture said it had decided to sell almost all of its investment portfolio to reduce volatility in future earnings and will discontinue direct venture capital investing and no longer accept illiquid securities from clients or alliance partners. Bureau Report
Accenture will retain a 5% stake in the portfolio, according to a statement. The portfolio comprises approximately 80 early- and mid-stage technology companies, primarily in the software area. Accenture will also continue its existing alliances and client relationships with companies in the portfolio. Accenture said it had decided to sell almost all of its investment portfolio to reduce volatility in future earnings and will discontinue direct venture capital investing and no longer accept illiquid securities from clients or alliance partners. Bureau Report