The acquisition will expand Synechron’s capabilities in areas across the digital enterprise, with Citihub Digital’s strong focus on application modernisation, cloud enablement, cybersecurity and operating model transformation.
The buyout comes at a time when the global demand for strategic business solutions built using modern technology architectures is driving transformation across the financial services and insurance industries.
“This acquisition continues to build on our depth of expertise in digital transformation consulting for financial services and insurance firms,” said Faisal Husain, CEO, Synechron. “Citihub Digital’s senior consultants specialise in bringing together business domain and technical topics which require knowledge across multiple capabilities such as strategy, application development and cybersecurity, making them a perfect fit with Synechron’s existing capabilities.”
After the acquisition, the firms will service many of the biggest logos in financial services, including nine of the top 10 global banks, and will present clients with a comprehensive set of digital transformation capabilities. The acquisition of the London and New York-based firm brings in a team of senior level consultants with 15- 25 years of experience and expertise across banking and capital markets. This will help Synechron grow in key financial markets including North America, Europe and APAC.
“We have seen a significant amount of growth in the last year, and Synechron is the best partner to enable us to take that to the next level,” said Chris Allison, managing director of Citihub Digital. “We were impressed with the investments Synechron has made in its financial innovation labs in key financial markets, its R&D efforts and its award-winning accelerators to lead the industry in areas like AI, data science, insurtech, wealthtech, regtech and blockchain.”
Synechron has revenue of over $550 million annually and has more than 8,000 employees globally.