In a play to bolster its IT services an business consulting practice, Synechron, which offers services and support for a variety of investment banking and asset management functions, has acquired Paris-based Team Trade.
Faisal Husain, co-founder and CEO of Synechron, says that the move will allow his firm to improve its IT services and software integration capabilities.
"Team Trade has unique capabilities in software packages such as Murex and Calypso, which are widely used by top financial institutions," Husain says. "Acquiring this skill set 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."
According to the New York-based company, with Team Trade, Synechron's annualized run-rate revenue will be in excess of $285m USD. It also notes that the company has been growing at a compound annual growth rate (CAGR) exceeding 35 percent for the past six years. This represents the fifth acquisition for Synechron since 2007 following the purchases of 110 Technologies (2007), Esquire Systems (2012), SysCore Solutions (2013) and Double Effect (2013).
Team Trade will operate as an independent company, according to Synechron.
"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," says Pascal Rellier, co-founder of Team Trade. "We are excited about using Synechron's global footprint, leveraging its global delivery and deep roots in the U.S. market."
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