Larsen & Toubro Infotech (LTI), an India-based technology consulting and digital solutions provider, has agreed to acquire Luxembourg based Syncordis, for an undisclosed sum.
Established in 2004, Syncordis offers core banking implementation services to its customers. It has developed tools for faster deployment of Temenos digital banking solutions.
Under the agreement, LTI will acquire Syncordis and its subsidiaries based in France, UK, Luxembourg and India.
LTI intends to use Syncordis banking capabilities to expand European customer base in banking and financial services segment.
Commenting on the deal, LTI CEO & managing director Sanjay Jalona said: “This is a very synergistic move for us because Syncordis is one of Europe’s leading core banking implementation service providers with blue-chip clients and exclusive expertise to help with faster implementations.
“This acquisition reaffirms our commitment to the banking sector and to Europe. I am very excited to welcome Syncordis clients, employees and partners to LTI and look forward to the continuing leadership of Guillaume, Luc and Syncordis management.”