Synechron told QA Financial it has struck deals to buy two firms in Australia as the company seeks to boost its presence down under.
The New York City-based company, which primarily focuses on driving digital strategies in the financial services space, said it has reached an agreement for the acquisition of Chamonix IT Management Consulting, based in Adelaide.
At the same time, the firm said it will also buy Exposé Data, also headquartered in Adelaide, with additional operations in Melbourne and Brisbane.
“They share a common goal of delivering QA, digital transformation, artificial intelligence, and analytics expertise,” explained Faisal Husain, Synechron Co-founder and CEO.
The definitive agreement with respect to is subject to customary closing conditions, including approval by the Australian Foreign Investment Review Board (FIRB), he stressed.
Chamonix
Chamonix IT, established in 2010, is a provider of digital transformation services to organisations in South Australia.
With a team of approximately 150 professionals, Husain said the firm “has been pivotal in delivering solutions that address complex challenges and drive significant outcomes for enterprise-level clients.”
Chamonix IT’s founders established Exposé as a new company in 2016 to bring the same level of expertise, this time focused specifically on data and engineering, data modelling and visualization, and artificial intelligence.
Generally considered one of the fastest-growing IT organisations in Australia, Exposé currently has a team of approximately 50 people across the country.
The two companies will join Synechron’s core digital transformation consulting business alongside recently acquired iGreenData, which expanded Synechron’s data and blockchain expertise in the financial services sector.
“We have effectively doubled our presence in the country.”
– Faisal Husain
The digital transformation business has experienced rapid growth in recent years, focusing on end-to-end artificial intelligence, consulting, digital, cloud & DevOps, data, and software engineering, with a clientbase that includes a host of large financial services firms around the world.
Synechron currently has a workforce of around 14,000 people in 51 offices in 20 countries.
With these additions in Australia, “we have effectively doubled our presence in the country, achieving coverage across major sectors,” Husain pointed out.
“This strategic positioning allows the company to capitalise on the growing information technology investment in Australia encompassing SaaS, IT services, and analytics, while simultaneously enhancing its ability to offer support and solutions across Asia, the Americas, and Europe,” he continued.
Hiring spree
The Australian acquisitions come only a month after Synechron made several strategic senior appointments in a further sign the digital transformation consultancy firm is expanding globally.
The firm signed up Christine Olmstead as its new head of corporate Development. With over two decades of experience in mergers and acquisitions, Husain called her “crucial for Synechron’s expansion strategy.”
He explained that “Christine’s extensive trajectory in the field, including pivotal roles at Avanade, McKinsey, and Fujitsu, has honed her skills in global strategy development and deal origination, positioning her to effectively lead Synechron’s future M&A initiatives and post-merger integrations.”
In addition, Aaron Momin was confirmed in the role of chief information security officer (CISO), bringing around 28 years of expertise in cybersecurity and risk management.
“His tenure as CISO at Certinia showcased his capability to elevate security maturity and resilience, both of which are crucial elements of ensuring robust information security and compliance frameworks are in place across all Synechron’s global operations,” Husain said.
Moreover, the company poached David Straube as its new head of investor relations, with almost three decades of experience and he is recognized for his strategic approach to building investor relations programs that foster long-term shareholder value.
Having held senior positions at EPAM and Accenture, Husain called Straube “well-equipped to enhance our relationships with the investment community and support the company’s growth trajectory.”
Synechron, in the midst of pushing into the Asian market, told QA Financial that, to lead its operations in that part of the world, Surabhi Ramamurthy has been recruited to take on the role of Head of Asia Business Unit.
With 18 years of experience in the banking and capital markets, Ramamurthy’s background includes leadership roles at Accenture and DXC Technology, where she effectively managed large teams and drove innovation throughout the APAC region.
“Her expertise will directly contribute to accelerating growth and strengthening Synechron’s market presence in Asia,” Husain stated.
Finally, Christina Savvas had been made the firm’s new Global Head of Brand.
“Her experience at American Express, where she led global digital brand and content initiatives, makes her ideally suited to spearhead Synechron’s global brand strategy, driving both brand value and business volume,” Husain concluded.
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