Accenture PLC (NYSE: ACN) said this week it had acquired Excelmax Technologies, a Bangalore, India-based semiconductor design services provider.
Yet, no financial details of the agreement were disclosed.
Established in 2019, Excelmax offers custom silicon solutions used in consumer devices, data centers, artificial intelligence and computational platforms that enable edge AI deployments, to customers operating within the automotive, telecommunications and high-tech industries.
Excelmax is to add nearly 450 professionals to Accenture in essential areas such as emulation, automotive, physical design, analog, logic design and verification.
“With the rapid evolution of new technologies like generative AI and the growth of connected products, more intricate, specialized chips with enhanced performance and efficiency are required,” Karthik Narain, group chief executive—Technology at Accenture PLC, said in a press release.
“Our acquisition of Excelmax enhances our expertise across every aspect of silicon design and development – from concept to production – so we can help our clients fuel innovation and drive growth.”
Stock Performance
The shares of Accenture PLC (ACN) closed 0.47% ($1.41) lower at $298.06 in New York on Tuesday, as they reversed a small gain from the previous market session.
The company’s total market cap now stands at $186.7 billion.
The shares of Accenture PLC (ACN) went up 31.50% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have retreated 15.06% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 11 out of 21 surveyed investment analysts had rated Accenture’s stock as “Buy”, while 10 – as “Hold”. The median price target on the stock stands at $339.19, which translates into a 13.80% upside compared to the closing price on Tuesday.
The high point of the analyst forecast range stands at $395.00.
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