Acquisition creates a global full service company with a mix of management and technology consulting capabilities
Pune, April 24, 2013: Synechron, one of the fastest growing global IT companies focused on the financial services industry, today announced a definitive agreement to acquire Double Effect, an Amsterdam & Singapore based management consultancy specialized in strategy translation and implementation. This acquisition will enable Synechron to add Double Effect’s management consulting expertise to its pre-eminent strengths and leadership in high-end technology consulting and delivery. The development underscores a game-changing shift for the industry that will usher a new trend of delivering true integrated management and technology consulting that impact business strategies and accelerate growth of financial institutions.
Commenting on the development, Faisal Husain, Founder and CEO, Synechron said, “The acquisition of Double Effect, strengthens our ambition of being a company uniquely placed to strategically guide and transform financial institutions through high end management and technology consulting capabilities. Apart from lending strategic skill-sets, the acquisition will also provide us with access to markets such as Europe and emerging markets like Asia Pacific (APAC) where Double Effect has a strong presence. Additionally, our common values of agility and focus on domain intensive consulting makes this acquisition a perfect culture fit. We are confident that their team will be a great asset to us.”
Double Effect will operate as an independent company after the acquisition and will continue to take the joint value proposition to its customers. Speaking about the acquisition, Bas Heijnen & Pablo van den Bosch, Founders of Double Effect said, “Synechron’s impressive credentials and track history in the financial services domain made them the clear choice for us. The financial services industry is at a critical juncture and our association with Synechron will augur well in addressing the business imperatives of these companies. Being a part of the Synechron team will also strongly complement, synergies our existing service offerings and catapult us to our next phase of growth.”
Synechron expects the acquisition to further accelerate its fast-track growth. The company has been growing at a CAGR rate of over 35% for the past six years to become a USD $200 mn annualized revenue entity. It has emerged as amongst the fastest growing technology consulting companies providing a range of software solutions with a micro verticalized focus in Capital Markets, Insurance, Mortgage Banking, Energy and Commodities, and Digital Media.
In the past, Synechron has followed a joint strategy of organic and inorganic growth. Over the last six years, the company made three acquisitions namely 110 Technologies – a specialist provider of Testing services to Investment Banks, SysCore Solutions – an enterprise technology strategy & data architecture consulting firm and Esquire Systems – an IT consulting & services company. This has enabled the company to gain higher level strategic end-to-end service offerings, a solid talent base, and access across specific verticals and markets.
About Synechron
Synechron, founded in 2001, is globally a 4000+ professionals company, headquartered in New York. It has presence across the US, Canada, UK, The Netherlands, UAE, Japan, Hong Kong, Singapore, and state-of-the-art Development Centers based in Pune, India. Synechron specializes in Banking, Insurance and Financial Technology services and its value proposition lies in its global delivery model, harnessing industry expertise from established markets such as New York, London and Tokyo with complementing technical edge through its development centers in India. For more information visit www.synechron.com.
About Double Effect
Double Effect is a consultancy agency specialized in strategy translation and implementation in the financial services industry. Founded in 2003, Double Effect has a team of 76 consultants and presence in Amsterdam, Singapore and Frankfurt. Unlike any other consultancy firm, Double Effect can guide financial institutions through the process of change. The in-depth knowledge and sound understanding of strategy, product, and operational processes of Double Effect’s consultants enables the optimization of their clients’ business (banks, exchanges, insurance and asset management companies). With extensive experience and solid process, technology and regulatory knowledge, Double Effect translates strategic issues and concepts into a practical implementation approach, and ensures results being firmly embedded. For more information visit www.doubleeffect.com.