Fundtech Acquires Synergy Financial and Expands SWIFT Business into UK
Fundtech has announced the acquisition of Synergy Financial Systems Ltd., through its Swiss subsidiary BBP, making it the world’s largest SWIFT service bureau operator based on transaction volume, with a client base of over 200 financial institutions. Synergy is a UK provider of SWIFT services located in London and Nottingham, England. BBP will integrate Synergy into its business unit, and will continue to operate both companies’ service bureau facilities, adding capacity and operational resilience. In addition to SWIFT connectivity services, both companies offer a variety of SWIFT-related products and services that can be cross-sold to the newly combined client base. Under the terms of the definitive agreement, BBP will pay £2.5m in cash at the closing and an additional amount of up to £1.1m in cash to be paid over the next three years, based on the financial performance of Synergy. Fundtech plans to offer other transaction services through the U.K. service bureau, including SEPA payments and SWIFTNet solutions. This follows Fundtech’s recent introduction of PAYplus ServiceBureau, which is the first fully outsourced SWIFTReady global payments platform combined with SWIFT services.