Synechron has acquired financial services consultancy and capital markets specialist Hatstand with a view to building out its data management, regulation and risk capabilities. The company also gains Hatstand’s expertise in terminal consolidation.
The acquisition of Hatstand follows a string of acquisitions made last year by Synechron, a New York based consulting and technology company dedicated to financial services. In September 2015, the company acquired London based Crossbridge, which focuses on risk and regulatory compliance consulting. In June 2015, it acquired a New York based digital business focussing on the user interface and user experience, and prior to that it acquired Paris based Team Trade, a consultancy focussed on Murex and Calypso solutions.
Zia Bhutta, chief operations officer at Synechron, explains: “We bought Hatstand for its capabilities, which complement ours. We will continue to support Hatstand customers, some of which are also Synechron customers, and they will be able to access more capabilities and support from the merged company.”
On the acquisition’s ability to extend Synechron’s data management business, he says: “We already have a data management practice, but Hatstand will enhance this as data management is a large market with a small availability of skills. Hatstand will also add expertise in data architecture, data quality and data governance to the practice.”
Hatstand’s president and executive chairman, Adam Bennett, adds: “We share the same vision as Synechron in terms of delivering the highest quality service and investing in our people. This move represents a natural next step in our continued growth, and we are looking forward to being able to offer our clients extended capabilities and reach.”
While the financial details of the acquisition were not disclosed, both companies are privately held, the merger adds 12 Hatstand customers to Synechron’s base of 250 worldwide. It also adds 150 Hatstand employees to give Synechron a total of 6,000 employees across 16 offices around the globe.