Global professional services company Accenture Plc (ACN) announced that it has entered into an agreement to acquire Wabion, a Google Cloud services provider. The financial terms of the deal have not been disclosed so far.
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Following the news, shares of the company rose marginally to close at $314.39 in Wednesday’s trading session.
Post the buyout, Wabion will join Accenture’s Google Cloud Business Group, which is a part of Accenture Cloud First.
The Market Unit Lead for Accenture in Germany, Austria, Switzerland and Russia, Frank Riemensperger, said, “Acquiring Wabion strengthens both our global and local Cloud First capabilities, enabling clients throughout our region to create more value and accelerate their digital transformations.” (See Accenture stock chart on TipRanks)
Recently, Robert W. Baird analyst David Koning assigned a Hold rating to the stock with a price target of $298. The analyst’s price target implies downside potential of 5.2% from current levels.
Consensus among analysts is a Strong Buy based on 14 Buys and 4 Holds. The average Accenture price target of $323.06 implies upside potential of 2.8% from current levels.
Accenture scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Shares have gained 43.1% over the past year.
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