PricewaterhouseCoopers has acquired the assets of portfolio optimization software provider Folio Technologies, effectively acquiring the company.
Financial terms of the deal were not disclosed. PwC said Tuesday the acquisition would broaden the practice’s client service offerings and expertise in areas such as sustainability, project portfolio optimization, business analytics support and value-based decision analysis.
Folio’s analytic and technical capabilities will support PwC's financial analytics and derivatives service offering, which focuses on the analysis and valuation of complex financial instruments, such as derivatives, hybrid securities, hedging instruments and contingent payment agreements for a variety of corporate clients, along with emerging valuation practice areas that will be complemented by the Folio acquisition.
PwC's valuation services team, within the firm's Transaction Services practice, includes more than 250 partners and professionals who help clients measure the fair value of assets for a variety of corporate initiatives, including evaluating transactions and managing accounting, financial reporting and tax planning and compliance issues across a range of industry sectors.
"This deal provides us with a software platform on which we can accelerate the development of our next generation services and provide a more holistic, end-to-end service for clients during the deal process,” said John Glynn, U.S. valuation services leader in PwC's Transaction Services practice.
As part of the transaction, Folio’s founders, Herve Kieffel and Renato Cedolin, will join PwC’s Transaction Services Valuation practice as principal and director, respectively. Kieffel has practiced quantitative modeling and decision analysis since 1992. After working as a scientific advisor to the government, Kieffel worked with PwC, where he spearheaded algorithmic development for complex applications. He later led Folio’s research and development effort. Kieffel also serves as a consulting professor at Stanford University, teaching mathematical modeling to graduate students.
Cedolin has been involved in developing project portfolio management software for PCs and more recently the cloud throughout his career.
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