Core banking system integrator Syncordis acquired by L&T Infotech
Indian tech vendor L&T Infotech (LTI) has acquired Syncordis, a Luxembourg-based core banking implementation specialist, for €15 million.
In addition, €13.5 million may be payable over four to five years, depending on Syncordis’ performance.
Syncordis specialises in Temenos projects, and counts Fortuna Banque, Rakuten Bank Europe, DNB Luxembourg and Advanzia Bank in its home market of Luxembourg among its clients. Further afield, it worked with Turicum Private Bank in Gibraltar.
The company’s revenue stood at €12 million in 2016.
Sanjay Jalona, CEO and MD of LTI, says the acquisition “will definitely help our penetration in banking and financial services segment and also enrich our Europe capabilities”.
At present, LTI has less than a third of its $1.1 billion revenue coming from the banking, financial services and insurance (BFSI) sector.
Jalona comments that many banks “are looking at revamping their core banking platforms”, particularly in the retail banking space. Temenos is “one of the fastest growing” providers, in his view.
LTI is interested is further acquisitions, Jalona adds, in five key areas – automation, analytics, digital, internet of things (IoT) and cloud.