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Oliver Wyman has acquired a Dutch consultancy called Innopay that provides technical services to financial institutions.

The companies didn’t disclose the deal’s price tag. Innopay’s LinkedIn page shows that its headcount has increased in recent months, which suggests the deal is a case of a growing consultancy using its business momentum to draw a compelling acquisition offer.

Innopay maintains offices in Amsterdam and Frankfurt. It works with financial institutions like banks to modernize their IT systems.

One of the firm’s specialties is open finance, a broad term that describes situations where a bank makes data from its systems available to partner firms, often fintech startups. For instance, a bank might want to let its customers use a third-party savings app that scans their purchase history and suggests ways to cut back on expenses. This requires making expense data from the bank’s systems available to the app.

Innopay is also active in a few other areas. It can provide technical training to a bank’s  engineers, as well as work with its leadership team to plan IT modernization projects. Data analytics is another focus for the firm.

Innopay CEO Shikko Nijland is joining Oliver Wyman as a senior vice president as part of the deal. He will report to Oliver Wyman partner Ted Rudholm-Alfvin and Stephen Whitehouse, the consultancy’s head of payments in Europe.

Whitehouse commented in a prepared statement that “the European payments landscape is undergoing significant transformation, driven by technological advancements, changing consumer preferences, and regulatory developments. Bringing Oliver Wyman and Innopay together creates a unique offering.”

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