Technology consulting firm Accenture has announced its plans to acquire German consulting and systems integrator, PRION Group that specialises in Siemens product lifecycle management (PLM) software.
The acquisition will allow Accenture to position itself as a global market leader in PLM offering by combining with PRION's PLM specialisation.
Specifically, the enhanced PLM offering is set to benefit the manufacturing industry by increasing the efficiency with reduced time-to-market products.
According to Accenture, manufacturing companies are spending as much as 25 percent of their revenues on innovation and product development.
"PLM can help them [manufacturers] avoid investments in products that are either late to market or don't fully address customer requirements," said Koen Deryckere, senior managing director of Accenture.
Deryckere added their combined expertise - PRION's PLM specialist skills and Accenture's global industrialised delivery methodologies - will solve current shortfalls in the product development space, such as the fragmented system and process landscape.
"The combined capabilities of PRION Group and Accenture will enable us to offer clients the full range of services needed to improve the critical processes that get products to market quicker and more efficiently," said Dr. Joseph Unger, managing partner of PRION Group.
The move follows a growth strategy to procure PRION's highly skilled workforce in using Siemens PLM software to speed up development times and product delivery to customers, as well as to improve their product data management.
"This acquisition will allow us to rapidly expand our PLM capabilities with a strong focus on Siemens PLM technology, thanks to the experience and skills of the PRION Group staff in helping clients unlock new value and efficiencies through critical process improvement," said Frank Riemensperger, country managing director of Accenture Germany.
The acquisition completion is subject to customary closing conditions.
Headquartered in Stuttgart, PRION Group is a privately held company founded in 1998, with more than 330 employees in Munich, Nuremberg, Zurich, Oxford, Portland, Detroit, Bangalore, Pune and Singapore.
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