IT giant Synechron acquires Team Trade
Synechron, a global IT company that specializes in the financial services industry, today announced that it has acquired Team Trade, a Paris-based company focused on software integration and business consulting. Synechron says the acquisition will strengthen its consulting and systems integration expertise, while expanding its presence in the European market. Synechron offers a variety of software solutions with a vertical focus in capital markets, insurance, banking and digital sectors.
Faisal Husain, co-founder and CEO of Synechron, commented on the development, “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 skillset 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. Synechron and Team Trade share common values and growth plans, making this acquisition a perfect cultural as well as strategic fit. We are confident that their team will add to our expertise and will be a great asset to us.”
The company is expecting the acquisition of Team Trade to further accelerate its growth, and said that with Team Trade, its annualized run-rate revenue will be in excess of $285 million. Synechron says it has been growing at a compound annual growth rate (CAGR) exceeding 35% for the past six years.
Pascal Rellier, co-founder and partner at Team Trade, said, “Synechron’s remarkable credentials and track record in the financial services sphere, combined with a history of consistently delivering industry leading growth rates, made them a clear match for us and our association with Synechron will make us a formidable partner in addressing business imperatives of financial service 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.
In the past six years, Synechron has acquired four other companies in addition to Team Trade, including 110 Technologies, SysCore Solutions, Esquire Systems and Double Effect. The company says that these deals have enhanced its end-to-end service offerings, talent base, and access across specific vertical and horizontal markets.
Synechron says that Team Trade will operate as an independent company after the acquisition and will continue to take the joint value proposition to its customers.