Accenture, the listed, global consulting firm, is buying a the unit of Nokia responsible for servicing the Symbian smartphone operating system that the cell phone maker has given to an open-source foundation.
The transaction is expected to close in as little as 60 days; terms were not revealed.
Accenture is taking on 165 new staffers who will provide customer support and engineering tools for Symbian, the leading global smartphone system. The buyer said its deal boosts its ability to help customers in the fast-growing market for converged mobile services, as phones become increasingly like computers and computing becomes more mobile.
In fact, the mobile M&A scene has had a good week; Warburg Pincus PIPE target Nuance Communications also bought Jott, a mobile voice recording service, likely in part fueled by the private capital infusion. For its part, Warburg Pincus has already seen a double-digit percentage appreciation after its play as Nuance Communications shares have been trading up ever since the PE firm’s infusion.
Accenture is working toward allowing increased connectivity advancements at a time when experts are questioning the viability of consulting services. “Weak revenue, further signings deterioration and continued subdued expectations are cautionary signs for discretionary consulting services demand,” a Stifel Nicolaus report posted at Thomson Analytics stated, adding, specifically, “we would expect to see some further deterioration in [Accenture] signings over the next few quarters.”
Nokia shares traded down about two percent in Friday morning trading, to about $13.19; Accenture shares traded down less than one percent, to about $34.28.
Requests for comment were not responded to by press time.