Synthesis Software Technologies (Synthesis), a South African FinTech company that specializes in software development, consulting and integration services to financial institutions, has been acquired for $10 million (R132,1 million) by Johannesburg Stock Exchange listed Capital Appreciation.
Synthesis counts among its clients some of South Africa's blue chip financial institutions such as Investec, Absa, Standard Bank, Capitec and Nedbank.
“Synthesis started as a team of passionate software developers intent on transforming financial services for its customers in a meaningful way. As part of this journey, we earned their trust, built rewarding partnerships and provided high impact services. This vision will be enhanced by the strong leadership and vision of the Capital Appreciation team.” said Michael Shapiro, MD of Synthesis.
Capital Appreciation have indicated that, despite the acquisiotion, Synthesis will remain independent and will operate as a wholly-owned subsidiary.
“This acquisition is in line with Capital Appreciation’s value creation objectives and its strategy of providing established and emerging financial services companies with fintech services." said Bradley Sacks, joint CEO of Capital Appreciation.
Synthesis, founded in 1997, is also the first South African company to become an accredited AWS (Amazon Web Services) Advanced Consulting Partner.
“Synthesis is well positioned to capitalise on financial institutions’ on-going requirements to invest in innovation, increase customer reach, reduce operating costs and enhance regulatory compliance. It is also the first Amazon Web Services (AWS) Consulting Partner to reach Advanced Partner status in the African and Middle East regions which enables clients to effectively utilise cloud technology.” Sacks added.
Cover Image: (left to right) Brad Sacks and Michael Pimstein, Capital Appreciation joint chief executives, Michael Shapiro, MD of Synthesis and Alan Salomon, CFO of Capital Appreciation.