Synechron Acquires Cityfront Group
Synechron – Synechron Inc., a global consulting and technology services provider specializing in the financial services market, has today announced the acquisition of Cityfront Group, a systems integrator for capital markets platforms such as Murex, Calypso and Summit. The acquisition expands Synechron’s existing global systems integration business, which offers the market a unique combination of end-to-end services that includes business and technology consulting, and systems integration.
The demand for this combination of consulting and integration services has been expanding due to increasing regulations and a greater focus on managing risk with sophisticated trading platforms. Combining the businesses of Synechron and Cityfront creates a powerhouse in the market with deep industry and operational expertise, scale, and the economies of agile offshore development.
Cityfront expands Synechron’s bench of experts with deep consulting and systems integration domain knowledge able to design and architect in the unique coding languages used by Murex, Summit, SimCorp and other platforms such as Charles River, Think Folio and Calypso. Cityfront’s specialists add to Synechron domain knowledge around integrated trading, risk management, processing and post-trade systems.
Faisal Husain, Co-founder & CEO of Synechron said, “Regulators are putting increasing pressure on financial services organizations to enhance their risk management and reporting capabilities. Synechron has been able to combine its systems integration knowledge with its understanding of financial regulation to architect powerful real-time, custom, multi-asset solutions for buy- and sell-side firms. This acquisition continues to build on our depth of experience with key technologies like Murex and Calypso, and we are delighted to welcome Cityfront Group into the Synechron organization.”
Cityfront, Co-Founder Jamie Gallagher said, “2016 has been a strong year for Cityfront, with the regulatory climate driving our business to record revenues. We’ve seen strong interest for our services in the US, Europe and the Middle East, and felt it was time to take our business to the next level. We believed Synechron is the best partner to provide the global reach, offshore capability and scalability our clients’ desire.”
Cityfront, Co-Founder Johann Doassans continued, “We feel our clients will receive tremendous value with the added power of Synechron’s consulting and offshoring capabilities. They are grappling with a difficult global regulatory environment and looking to gain economies of scale with their technology implementations and regulatory and risk reporting. As part of Synechron, we will be able to respond with the agility and experience at a global scale.”
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 16 offices around the globe, with over 6,000 employees generating $400M in annual revenue.
About Cityfront Group
Cityfront Group is a global business and technology consultancy dedicated to the financial markets sector. We specialise in providing a wide range of services to our client trading application needs. Our company works across trading, risk and back office operations on a selection of financial products and investment platforms which include Murex, Misys Fusion Capital Products, and Calypso, supporting many of the world’s largest banking & financial institutions.
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The transaction is expected to close in the third quarter of 2018.