Synechron bolsters UK and US teams with Citihub acquisition

27 October 2020 3 min. read
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Citihub Digital, a technology consulting firm for the financial services industry, has been acquired by Synechron.

“I am proud to welcome Citihub Digital into Synechron,” said Faisal Husain, the Chief Executive Officer of Synechron, a global consulting and technology consultancy with over 8,000 employees in 18 offices around the globe. “This acquisition extends our expertise in digital transformation consulting for the financial services industry.” 

Founded in 1999, Citihub Digital is a company with around 100 consultants and staff across offices in London and New York (the firm also has start-up operations in Toronto and Hong Kong). Its consultants, which tend to have a relatively senior profile (average of 15 to 25 years of experience), specialise in bringing together business domain and technical topics and turning plans into practical and implementable actions. 

Synechron bolsters UK and US teams with Citihub acquisition

According to Chris Allison, Co-founder and Managing Director of Citihub Digital, the firm’s “blended team of technologists and industry specialists have a deep understanding across banking and capital markets; its app ecosystems and security, risk and compliance requirements.”

Joining the much larger Synechron will now enable the consulting firm to deliver more value to its clients, expand internationally leveraging Synechron’s global footprint, provide its employees with career more growth opportunities, and professionalise its operations. “Synechron is the best partner to enable us to reach the next level,” said Allison.

“We were impressed with the investments Synechron has made in its Financial Innovation Labs (FinLabs) in key financial markets, its R&D efforts and its award-winning Accelerators to lead the industry in areas like AI, Data Science, InsurTech, WealthTechRegTech and Blockchain.” 

Meanwhile, for Synechron, the bolt-on adds an award-winning team to its ranks – alongside Synechron, Citihub Digital was named one of UK’s top consulting firms by the Financial Times and Statista between 2018 and 2020. In particular, the move deepens its offerings in the areas of operating model transformation, cloud enablement, cybersecurity and application modernisation.

Post-acquisition, the two firms will service many of the biggest brands in the financial services industry including 9 of the top 10 global banks, and a string of Fortune 500 companies. 

The deal marks Synechron’s first acquisition since 2016, when it bought Cityfront Group, which added 100 consultants to its team in London and Paris. In the 18 months up to the Cityfront deal, Synechron closed four deals; Hatstand and Crossbridge in the UK, usable in the US and Team Trade in France. In 2013 the firm bought Double Effect, which marked its entry into the world of management consultancy.