Synechron buys Melbourne-based cloud and data specialist iGreenData

14 May 2024 3 min. read
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Global digital transformation consultancy Synechron has picked up Melbourne-based cloud and data specialist iGreenData. 

Established in 2018, iGreenData describes itself as a cloud-first, data-centric digital engineering company with an agile, creative approach and deep industry knowledge of the banking and telecommunications sectors.

Likewise a financial services specialist, Synechron said the deal will broaden its technological capabilities and service offerings while expanding its coverage in the Australian market, where it recently launched a new office in Sydney.

Synechron buys Melbourne-based cloud and data specialist iGreenData

“We’re thrilled to welcome iGreenData into the Synechron family,” stated co-founder and CEO Faisal Husain. “This acquisition will enable us to continue deepening our payments technological strength and together we will leverage our combined expertise in digital transformation and innovation to deliver value-added solutions that meet the evolving needs of our clients.”

Established in 2001 and headquartered in New York, Synechron now has a global headcount closing in on the 15,000-mark with a permanent presence in 20 countries. The firm has been fully active in Australia since its 2020 acquisition of another Melbourne-based payments consultancy Attra, but said the latest deal would expand its global reach by enabling continuous support to clients across intercontinental time-zones.

The iGreenData acquisition will add 200 or so professionals to Synechron’s global headcount, both in Melbourne and via an additional outlet in India. The firm’s founders include CEO Max Sundaram, who previously held senior tech positions at Cognizant and Infosys and helped guide iGreenData to a top-three Rising Star ranking on Deloitte’s 2020 Tech Fast 50 list following growth of over 2,000 percent.

“This acquisition represents a significant milestone in our journey and we’re excited about this new union,” Sundaram stated. “By combining iGreenData’s strengths in cloud, DevOps, data, and blockchain with Synechron’s global reach and leadership in digital transformation, we are well-positioned to provide best-in-class transformative digital experiences and expand our footprint in the Australian market.”

The dealmakers

Tech and professional services industry-focused M&A boutique SCD Advisory supported iGreenData on the deal, continuing an impressive run of sales to big-time suitors including the likes of IBM, Capgemini and McKinsey & Company.

“This transaction with Synechron was complex with the multi-geographic considerations across the Asia Pacific,” Sundaram said of the engagement. “We are extremely thankful to the SCD Advisory team for their guidance along this journey and the help provided to make this partnership happen.”

Buyer Synechron closed the deal with aits in-house M&A team. The firm has a long track record of acquisitions.