Synechron Announces Acquisition of 110 Technologies
Piscataway, NJ, 14th February 2007:
Synechron, a US-based software solutions and services provider focusing on finance industry verticals such as Mortgage Banking, Capital Markets and Insurance, today formally announced the acquisition of 110 Technologies, a high-end Financial services consulting firm based in New Jersey.
Synechron provides high-end IT solutions and services, with prime focus on the Capital Markets, Mortgage Banking and Insurance industries. In addition to customized and turnkey software solutions, products and services, Synechron also offers high-end Knowledge Process Outsourcing (KPO) services.
110 Technologies brings with it deep domain knowledge of the Capital Markets industry, one of Synechron's focus verticals. This acquisition, Synechron's first, will help the company align itself with its business strategy of expanding its business in the Capital Markets domain. Synechron's current Capital Markets client list includes several key players from the US market such as Merrill Lynch and Bank of New York among others. It hopes to add several other large organizations to this already impressive portfolio.
Speaking on the occasion Mr. Faisal Husain, CEO, Synechron Technologies said, "For Synechron, this move is not merely about acquisition of a new firm. It is a well thought out strategy to capitalize on the synergies of two hitherto separate entities that share a common goal and have a similar customer-centric, domain-oriented approach. This move will be mutually beneficial to both of us and enable us to symbiotically assimilate and leverage each other's strengths in this domain to further cement Synechron's credibility and lend impetus to its growth in the US financial market."
Mr. Husain added, "The acquisition, which became effective from January 1st this year, has already started delivering the expected results. In fact, after the merger, one of the top investment banks in the US has become one of our primary clients."
Synechron recently signed a major Technology services project with one of the bank's subsidiaries and a QA services based project with the client's London office. As a result of the acquisition, Synechron will be able to expand its domain capabilities into niche areas and establish its industry credentials even more cogently enabling it to establish relationships with market leaders who will benefit from its model of high-end Global Development and Delivery Services.
Synechron expects the acquisition to further fuel its record breaking growth rate. The company has been doubling its revenues, year on year since inception in 2001 and has emerged as one of the top 3 fastest growing Global Software Services firms with India presence with a growth rate of 137 %established for Financial year ending 2006. Synechron is confident about continuing the trend in year ending 2007, with a projection of growing to close to USD 30 mn in turnover, more than double its revenues in 2006.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
Piscataway, NJ, 14th February 2007:
Synechron, a US-based software solutions and services provider focusing on finance industry verticals such as Mortgage Banking, Capital Markets and Insurance, today formally announced the acquisition of 110 Technologies, a high-end Financial services consulting firm based in New Jersey.
Synechron provides high-end IT solutions and services, with prime focus on the Capital Markets, Mortgage Banking and Insurance industries. In addition to customized and turnkey software solutions, products and services, Synechron also offers high-end Knowledge Process Outsourcing (KPO) services.
110 Technologies brings with it deep domain knowledge of the Capital Markets industry, one of Synechron's focus verticals. This acquisition, Synechron's first, will help the company align itself with its business strategy of expanding its business in the Capital Markets domain. Synechron's current Capital Markets client list includes several key players from the US market such as Merrill Lynch and Bank of New York among others. It hopes to add several other large organizations to this already impressive portfolio.
Speaking on the occasion Mr. Faisal Husain, CEO, Synechron Technologies said, "For Synechron, this move is not merely about acquisition of a new firm. It is a well thought out strategy to capitalize on the synergies of two hitherto separate entities that share a common goal and have a similar customer-centric, domain-oriented approach. This move will be mutually beneficial to both of us and enable us to symbiotically assimilate and leverage each other's strengths in this domain to further cement Synechron's credibility and lend impetus to its growth in the US financial market."
Mr. Husain added, "The acquisition, which became effective from January 1st this year, has already started delivering the expected results. In fact, after the merger, one of the top investment banks in the US has become one of our primary clients."
Synechron recently signed a major Technology services project with one of the bank's subsidiaries and a QA services based project with the client's London office. As a result of the acquisition, Synechron will be able to expand its domain capabilities into niche areas and establish its industry credentials even more cogently enabling it to establish relationships with market leaders who will benefit from its model of high-end Global Development and Delivery Services.
Synechron expects the acquisition to further fuel its record breaking growth rate. The company has been doubling its revenues, year on year since inception in 2001 and has emerged as one of the top 3 fastest growing Global Software Services firms with India presence with a growth rate of 137 %established for Financial year ending 2006. Synechron is confident about continuing the trend in year ending 2007, with a projection of growing to close to USD 30 mn in turnover, more than double its revenues in 2006.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
