Synthesis begins with Capital’s new acquisition
CAPITAL Appreciation acquired 100 percent of Synthesis Software Technologies for R132.1 million this week.
Capital Appreciation, a Jselisted firm, was initially established as a Special Purpose Acquisition Company (SPAC) that listed on the main board of the Johannesburg Stock Exchange in 2015 but has since changed into a fully-fledged entity.
The firm said it intended to continue investing and acquiring companies that complemented its fintech strategy.
Bradley Sacks, joint chief executive, said the acquisition was in line with the firm’s value creation objectives and its strategy of providing established and emerging financial services companies with fintech services.
“Synthesis is well positioned to capitalise on financial institutions’ ongoing requirements to invest in innovation, increase customer reach, reduce operating costs and enhance regulatory compliance,” Sacks said.
“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.”
Synthesis is a specialised financial technology company that provides software development, consulting and integration services to financial institutions, with current clients including blue chip financial organisations such as Investec, Absa, Standard Bank, Capitec and Nedbank.
The company said it would remain independent, operating as a wholly-owned subsidiary of Capital Appreciation and would also continue to grow as a specialised financial technology provider.
Synthesis, founded in 1997, offers highly specialised software development, consulting and integration services and technology-based product solutions to banking and financial institutions in South Africa and other emerging markets. trends such as artificial intelligence (AI).
Executed in close collaboration with their clients, the Synthesis digital channel initiatives deliver an exceptional end-user customer experience.
The firm’s cloud transformation initiatives assist financial institutions in becoming cloud ready to execute mass migrations to harness the benefits of big data analytics and to extract the cost savings and regulatory benefits of compliance which is an increasing priority for financial services institutions across Africa.
Synthesis managing director Michael Shapiro said the firm had 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.”