Synechron has today provided guidance for the financial year 2016-17, expecting global revenues of $405m, expanding to 18 global offices and growing to over 6,600 employees. The 28% YOY increase is the highest in the last 5 years, and following this achievement, Synechron has set a revenue target of $500M in the next 12 months and $1bn by 2020 as it continues to make inroads and gain market-share in the digital and innovation spaces.
Since 2015, Synechron opened seven new offices globally taking its total to 18 worldwide and allowing the Company to be a leader on global regulatory and technology changes for the world’s leading financial services firms. The company’s growth has been achieved both organically and through the acquisition of six specialist businesses since early 2013 to enable the firm to offer an end-to-end business solution that combines consulting, digital design and technological innovation – the ‘Power of 3’ strategy that underpins Synechron’s business model.Moreover, Synechron continues to be self-funded with no private equity / VC or long-term debt on its books.
With 6,600 employees globally as of December 2016, a year-on-year increase of 1,800 staff, Synechron is continuing to attract and recruit specialized talent to further enable its consulting, technology and digital capabilities in its key markets: U.S., U.K., Europe, UAE, India and Singapore.
Faisal Husain, Co-founder & CEO of Synechron, said: “2016 was a fantastic year of growth and opportunity for Synechron, and given our strong pipeline will continue throughout this year. Our unique ability to offer clients an end-to-end service has contributed heavily to our success and is why we are punching above our weight and winning deals that ordinarily would go to the big four. Core values of entrepreneurship and innovation combined with the pragmatism and expertise of our consulting arm have enabled us to deliver this model successfully, and our revenue target of $1bn by 2020 reflects the confidence we have, and stability that underpins our growth. In 2016 we were able to successfully diversify our client base and geographical revenue lines to enable our business with a sustainable growth strategy. I am confident we can maintain this momentum and believe 2017 will be another record year for Synechron.”
In addition to the record revenue and employee growth, Synechron has strengthened its reputation as a global leader in digital transformation. The Company launched four new Financial Innovation labs (FinLabs) in London; Amsterdam; Pune & Bangalore in 2016. Synechron’s FinLabs allow businesses to get hands-on experience with cutting-edge technologies such as blockchain, Artificial Intelligence (AI), voice recognition and drones. This brings the total number of FinLabs to five, and Synechron will open its flagship FinLab in New York later this year along with additional locations in Charlotte, NC, Ft Lauderdale, FL, and Hyderabad in India.
In September 2016, as a product of FinLabs, Synechron launched six Blockchain Accelerators and a 50-person team across New York, London, Amsterdam, Dubai and Bangalore to advance blockchain innovation. The initiative received an ACORD innovation award and was nominated for a Mortgage Strategy award for innovation. In 2017, Synechron will continue to innovate around Blockchain, AI and Machine learning in the financial services industry and is likely to continue to gain recognition for its thought leadership in digital transformation.
Faisal Husain continued: “Financial institutions around the world are searching for innovative solutions to business problems, together with the ability to implement at an enterprise level. We allow our clients to see how they can combine our consulting, technology and digital capabilities to accelerate their business initiatives. This approach has been, and will be, integral to Synechron’s continued success.”