Luxembourg's Syncordis to be taken over by India's LTI
Luxembourg-based consultants Syncordis will be taken over by Mumbai's Larsen & Toubro Infotech (LTI), a company with operations in 27 countries.
Syncordis's clients are in the banking and financial services industry using Temenos software. Banks using it have a 36% higher return on equity than others using legacy systems, Geneva-headquartered Temenos says on its website.
"Acceleration in Temenos deals signings and in pipeline growth positions us well in the near and medium term," Syncordis founder and Chief Executive Guillaume Desjonqueres said in a statement. "Therefore, we see tremendous strategic alignment with LTI ambition to expand its footprint in the banking sector across Europe."
No financial details of the deal were given. Strassen-based Syncordis has operations in Paris and Chennai.
LTI's consolidated profit for its financial year ending March 31, 2017 was INR9.7 billion (€130 million) compared with INR8.4 billion in the previous period.
(Alistair Holloway, firstname.lastname@example.org, +352 49 93 739)