Synechron adds 1,800 employees globally in record breaking year
Synechron has seen its revenues grow by 28% over the past year, expanding to over $400 million, marking its highest growth rate in the last five years. For its current financial year, the business consulting and technology services provider has set a revenue target of $500 million, part of its wider ambitious strategy to break through the $1 billion barrier by 2020.
The company’s steep growth in the financial year 2016-17 saw 1,800 employees join its ranks, taking its global headcount to 7,000 employees. “2016 was a fantastic year of growth and opportunity for Synechron”, says Faisal Husain, who co-founded the firm back in 2001 and serves as Chief Executive Officer (CEO). The majority of Synechron’s growth was achieved organically, as it managed to expand its base in existing markets and opened several new offices – now 18 in total; of which 7 have been established since 2015.
The business advisor also launched four new Financial Innovation labs (FinLabs) in in 2016, in London, Amsterdam, Pune and Bangalore, complementing the firm’s first FinLab in Dubai, which opened in 2015. The firm’s FinLabs allow businesses to get hands-on experience with cutting-edge technologies such as Blockchain, Artificial Intelligence (AI), voice recognition and drones. The acquisition of Cityfront Group, a London and Paris based capital markets consultancy, also provided a strong impetus to growth.
Asked about the firm’s ability to stand out from the crowd, in a marketplace which is heating and already comprises major competitive players such as Accenture and the accounting giants, Husain says: “Our unique ability to offer clients an end-to-end service has contributed heavily to our success and that is why we are punching above our weight and winning deals that ordinarily would go to the Big Four. Core values of entrepreneurship and innovation combined with the pragmatism and expertise of our consulting arm (Synechron Business Consulting) have enabled us to deliver this model successfully.”
Power of 3 strategy
The firm’s end-to-end approach to engagements in the financial services industry, which it calls ‘the ‘Power of 3 strategy’, combines consulting, digital design and technological innovation. Looking ahead, the CEO says that he believes the approach will continue to provide it with an edge. “Financial institutions around the world are searching for innovative solutions to business problems, together with the ability to implement at an enterprise level. We allow our clients to see how they can combine our consulting, technology and digital capabilities to accelerate their business initiatives. This approach has been, and will be, integral to Synechron’s continued success.”
Husain adds: “Given our strong pipeline, I am confident we can maintain the momentum and believe 2017 will be another record year for Synechron.” In an interview with Consultancy.uk late 2016, Bas Heijnen, Managing Director of Synechron Business Consulting, said that the management consulting arm aims to grow to the size of 300 consultants by year end.
Although Synechron delivers projects across the globe, its sweet spot lies in six key markets: the US, the UK, Europe (the firm has a strong presence in particular in the Benelux and France), UAE, India and Singapore. Major milestones in the coming months include the opening of a flagship FinLab in New York, with additional locations set to open in Charlotte (US), Fort Lauderdale (US) and Hyderabad in India.
$1 billion milestone
By 2020, the consulting firm and technology provider aims at breaching the $1 billion in revenues milestone. Husain: “The target reflects the confidence we have, and stability that underpins our growth.” The company is fully self-funded with no venture capital / private equity or long-term debt on its books.
Last year, another consulting firm, BearingPoint, also revealed that it plans to hit the €1 billion mark by 2020.
