Technology Holdings is pleased to announce the sale of our client, Syncordis, to LTI. Syncordis is a leading banking and financial services IT company in Europe headquartered in Luxembourg which implements Temenos, a leading core banking platform. Syncordis is one of Europe’s leading core banking implementation service providers with blue chip banking clients and has developed industry leading accelerators to enable faster implementations. LTI, a subsidiary of the $17B Larsen & Toubro group, is a global technology consulting and digital solutions provider with revenues of over $970M. Technology Holdings was the exclusive advisor to Syncordis on the transaction.
Syncordis has an exclusive focus on the Temenos core banking platform and is the leading independent pure play Temenos specialist in Europe. Syncordis’ deep expertise in banking and financial services and Temenos implementation skills will assist LTI with expanding its capabilities in banking. Syncordis’ deep domain expertise and local market knowhow helps LTI address the rapidly growing market opportunities for core banking product modernization services. Syncordis’ strong presence in Europe, a growth market for LTI, brings strong synergies.
Sanjay Jalona, CEO & Managing Director, LTI said: “Global Banking IT spend is expected to grow in the coming years and several banks are investing in core banking modernization programs, especially in Europe. This is a very synergistic move for us because Syncordis is one of Europe’s leading core banking implementation service providers with blue chip clients and exclusive expertise to help with faster implementations. This acquisition reaffirms our commitment to the banking sector and to Europe. I am very excited to welcome Syncordis clients, employees and partners to LTI and look forward to the continuing leadership of Guillaume, Luc and Syncordis management.”
Guillaume Desjonqueres, Founder & CEO, Syncordis S.A. said: “Over the years, Syncordis has built an enviable reputation as a leading independent core banking implementation specialist in Europe. Core banking offers huge market opportunities and Syncordis is now positioned as a natural partner for these transformative deal based on Temenos digital Banking Suites. Acceleration in Temenos deals signings and in pipeline growth positions us well in the near and medium term. Therefore, we see tremendous strategic alignment with LTI ambition to expand its footprint in the Banking sector across Europe to continue to take market share. Together, we can help our clients be more competitive, and to deliver innovative services and a digital client experience.”
Luc Gesquiere, Founder & COO, Syncordis S.A. said: “The combination of LTI and Syncordis is a win-win proposition for all stakeholders representing an excellent fit for our clients, employees and our partner Temenos. We are delighted to be joining forces and are confident about accelerated growth due to size and predictability. Together with LTI, we will extend Syncordis’ Temenos Digital Suites implementation leadership in Europe. Along with entire management team of Syncordis, I am committed to our future success.”
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