IT services firm Synechron today said it has acquired Paris-based Team Trade which specialises in software integration and business consulting, for an undisclosed amount.
The acquisition by the New York-Based Synechron is to expand its footprints in Europe.
"Synechron expects the acquisition to further accelerate its fast-track growth. With Team Trade, Synechron's annualised run-rate revenue will be in excess of USD 285 million, the firm said in a statement.
Synechron provides a range of software solutions with a vertical focus in capital markets, insurance, banking and digital sectors.
"This acquisition will significantly enhance Synechron's consulting and systems integration expertise as well as grow its footprint in the European market," the firm added.
Team Trade will operate as an independent company after the acquisition and will continue to take the joint value proposition to its customers, Synechron said.
Founded in 2000, Team Trade has subsidiaries in Geneva, Luxembourg, London, Milan, Montreal, New York, Novi Sad, Singapore and Sydney.
Following a strategy of organic and inorganic growth, Synechron has acquired 4 firms in addition to Team Trade over the last six years, it said.
"Team Trade has unique capabilities in software packages like Murex and Calypso, which are widely used by top financial institutions. In addition, we now have an even richer list of European clients such as BNP Paribas, Credit Agricole, Societe Generale, Natixis, and many others," Synechron co-founder and CEO Faisal Husain said.
Team Trade co-founder and Partner Pascal Rellier said: "We are excited about using Synechron's global footprint, leveraging its global delivery and deep roots in the US market.
