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L&T Infotech acquires Syncordis

L&T Infotech has agreed to acquire Luxembourg-based Syncordis along with its subsidiaries in France, the UK and India. Syncordis is a major provider of software and services for the banking and financial services sector. The deal value is €14.65 million (Rs 113 crore) for Syncordis and €350,000 for its local arm, Chennai-based Syncordis Software Services India, on a cash-free, debt-free basis. L&T Infotech also said that it may pay an additional €13.50 million over four to five years depending on the target company’s performance. Sanjay Jalona, MD and CEO at L&T Infotech, said the buyout is a very synergistic move for the company 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.

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