Synechron Technologies Pvt Ltd, a US-based IT company focused on the financial services industry with its development centres located at Pune, has acquired French firm Team Trade for an undisclosed amount, the company said on Thursday.
This acquisition will enhance Synechron’s consulting and systems integration expertise as well as grow its footprint in the European market. With this, Synechron’s annualised run-rate revenue will be in excess of $285 million.
Founded in 2000, Team Trade, a leading business consultancy and IT services firm, assists clients with the organisation and construction of their information systems. It offers front, middle, and back office operations and risk management services in the areas of investment banking, proprietary trading, fund management, asset management, private banking, intermediation, brokerage, securities services and custody.
Post acquisition, Team Trade will operate as an independent company.
“The acquisition of Team Trade strengthens our ambition of providing high-end consulting, IT services and software integration for top financial institutions. Team Trade has unique capabilities in software packages such as Murex and Calypso, which are widely used by top financial institutions. Acquiring this skill set has been a top priority for us. In addition, we now have an even richer list of European clients such as BNP Paribas, Crédit Agricole, Natixis, Société Générale and many others,” said Faisal Husain, co-founder and CEO of Synechron.
“Our association with Synechron will make us a formidable partner in addressing the business imperatives of financial services companies at a pivotal time in the industry. We are excited about using Synechron’s global footprint, leveraging its global delivery and deep roots in the US market,” said Pascal Rellier, co-founder and partner of Team Trade.
New York-headquartered Synechron, a $250 million firm, was started in 2001. It employs 5,500 professionals and operates in 12 countries including the US, Canada, the UK, The Netherlands, Ireland, Germany, UAE, Japan, Hong Kong, Singapore, Australia and India.
The company has been growing at a compound annual growth rate (CAGR) exceeding 35 per cent for the past six years.
The latest deal is the fifth acquisition by the IT firm since 2009. The others include 110 Technologies (specialist provider of testing services to investment banks), SysCore Solutions (enterprise technology strategy and data architecture consulting), Esquire Systems (IT consulting and services company) and Double Effect (management consultancy specialising in strategy translation and implementation).
(Edited by Joby Puthuparampil Johnson)