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Accenture, SAP team in financial sector

The two companies are setting up sales and support teams with members from both firms and making a bid for the market with existing offerings and new ones to be co-developed.

Technology outsourcing company Accenture and business software maker SAP will jointly develop and market information technology products for the banking and insurance sectors worldwide, the companies said Thursday.

Under the agreement, Accenture and SAP will set up sales and support teams with members from both companies and sell their existing products to banks and insurance companies in areas such as claims settlement, policy administration and risk management. They'll also market and implement SAP products for managing various business processes, such as financial and human resources management.

The deal will help Accenture expand the reach of its outsourcing services for banks and insurers. The company will be a preferred integration partner for SAP products and also become SAP's largest development partner in financial services.

The two companies plan to assign about 800 people--to be based in the United States, Spain and Germany--for the joint development effort. They will also work together to integrate their respective software products using SAP's NetWeaver.

Businesses have been outsourcing SAP-related work to Accenture. In July, German semiconductor maker Infineon assigned tasks such as help desk support and regular maintenance of the SAP system to the outsourcing company.

"This agreement builds upon our long-standing relationship with SAP, and further enhances the value we can jointly deliver to financial services clients worldwide," Accenture CEO Joe Forehand said in a statement.