New York based consulting firm for financial Synechron on Friday announced the acquisition of technology services provider Attra for an undisclosed amount.
The acquisition is significant from an Indian perspective as Melbourne based Attra has close to 1,800 employees in the country. About 5,000 of Synechron’s global headcount of more than 8,000 (before acquisition) worked out of Pune, Bengaluru and Hyderabad offices.
This acquisition is also expected to add $100 million to annual revenues of Synechron, taking its numbers from its current $550 million to $650 million, the company said in a statement.
“The enhanced competencies that Attra brings will allow us to further advance our clients’ banking & digital payment technology services while ensuring regulatory compliance,” Faisal Husain, co-founder and chief executive officer of Synechron, said.
According to Synechron, the acquisition is its biggest in its 25 years of existence. The cards and payments services of Attra would now complement its digital, consulting and technology services for global clients. More specifically, Synechron would strengthen its services in horizontals such as payment and banking platforms, intelligent automation, cloud, UI/UX, mobility and information management through the new deal, the company said.
Attra, founded in 1995, is focused on solutions for the banking, finance and payments industries in geographies such as Australia, New Zealand, North America, Europe, Middle East and Asia Pacific. The company also has development centers in Melbourne, Dubai and Pune respectively.
The Australian company’s offerings are focused on four key industry verticals - payment companies, retailers, third party payment processors and payment gateways, and next generation payment solutions.
Attra will retain its brand identity post the deal, but will function as a Synechron subsidiary, taking Synechron’s global headcount to more than 10,000 employees.
“The payments industry is experiencing a full-fledged digital transformation that is being fueled by exciting new technology advancements and regulatory and competitive changes,” said Chris van Buuren, CEO of Attra.
This will also mark the second acquisition by Synechron over the past 6 weeks. On October 23rd, Synechron acquired a London based technology consulting firm for the financial domain, Citihub Digital.