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Accenture (ACN) Opens Innovation Hub, Aims to Add 300 Jobs

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Accenture plc (ACN - Free Report) yesterday opened an innovation hub in Seattle. The company and its clients will work together to design solutions.

The hub is equipped with two studios — Fjord design studio and Liquid Studio. While Fjord design studio will enable a design-thinking approach to problem solving, Liquid Studio will convert concepts into prototypes through rapid software application development.

Additionally, Accenture will be working with Avanade (the digital innovator in the Microsoft ecosystem), which will help clients engage customers, empower employees, optimize operations and transform products through Microsoft’s technologies.

The global consulting giant plans to add 300 highly-skilled technology jobs by 2020 and expand its U.S. apprenticeship program. Backed by successful apprenticeship programs in cities like Boston, Chicago, Columbus, Detroit and San Antonio, Accenture is optimistic about extending its national program to more than 150 apprentices by the end of 2018.

This innovation hub is the latest addition in the network of U.S. hubs that includes Boston, Chicago, Columbus, metro Detroit, Houston, New York, metro San Francisco and metro Washington, D.C. Internationally, recent openings include Canberra (August) and Tokyo (January) in 2018. Notably, Accenture has more than 100 innovation locations around the world.

Julie Sweet, chief executive officer at Accenture North America, stated, “Our investment in Seattle ensures that we have the critical talent and capabilities to help our clients create, implement and scale solutions for the digital economy. We are an innovation-led company, committed to helping this important market continue to grow and flourish as a tech destination.”

So far this year, shares of Accenture have gained 5.5% compared with the 1.9% rise of the Zacks S&P 500 composite.

 

Wrapping up

The innovation hub is expected to complement Accenture’s robust growth in North America.

Revenues from North America increased 11% year over year on a reported basis and in local currency in fourth-quarter fiscal 2018. The region contributed the largest chunk (around 46%) to Accenture’s net revenues in fourth-quarter fiscal 2018.

The same improved 10% year over year on a reported basis and 9% in local currency in fiscal 2018 and contributed around 45% to the company’s net revenues in fiscal 2018.

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