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Exel Outsources Financial Functions

Accenture is taking over management of day-to-day finance functions, such as accounts payable.
Consulting firm Accenture has landed a contract to manage and operate a financial-services center in Dublin for United Kingdom-based Exel plc. The contract is part of a broader effort to streamline financial processing within its European freight business, says John Coghlan, Exel's finance director.

Under the deal, Accenture takes over management of day-to-day finance functions, such as accounts payable. Accenture will take on 130 Exel staffers as part of the agreement.

The companies didn't release the value of the contract, which builds upon existing contracts between the two vendors, but doubtless it's welcome news for Accenture. Amid weakening demand for IT services, the former Andersen Consulting earlier this month said revenue for its fourth quarter, ended Aug. 31, fell 3%, to $2.7 billion, compared with a year ago.