Managed services News
Financial Vertical Play: Solution Provider Synechron Acquires Team Trade
Synechron, a global solution provider focused on the financial vertical, acquired Paris-based Team Trade for an undisclosed amount, the company said Thursday.
The Team Trade acquisition will significantly expand Synechron's European footprint as well as add key technical capabilities, such as consulting and systems integration.
In particular, Team Trade adds product specialties, where Synechron is typically focused on services, Synechron CEO Faisal Husain told CRN. Team Trade has "unique capabilities" around software, including Murex and Calypso, which are commonly used in financial clients. Acquiring that kind of skill set has been a top priority for the company, Husain said.
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The acquisition will also significantly expand the company's European presence, Husain said. Less than 5 percent of the company's revenue had been generated in Europe before and now it will be more than 20 percent, Husain said. Team Trade also adds key clients in the geography, including BNP Paribas, Crédit Agricole, Natixis, and Société Générale. Those additions are "significant," Husain said.
The benefits go both ways, Team Trade co-founder and Partner Pascal Rellier said in a statement. He said he looks forward to working with Synechron, particularly with the company's deep expertise in the financial sector.
"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 U.S. market," Rellier said.
Team Trade will continue to operate independently going forward.
Synechron has been on a rapid growth tear over the past couple of years, growing at an annual CAGR exceeding 35 percent for the past six years. Part of that growth strategy has been based on acquisitions, with six completed over the past year in addition to the most recent Team Trade acquisition. Among the acquisitions were 110 Technologies, SysCore Solutions, Esquire Systems and Double Effect.
Synechron CEO Husain said that acquisitions will continue to be a part of the company's growth strategy going forward.
"We are always looking out for right fits," Husain said.
PUBLISHED JAN. 9, 2015