New York-based Synechron reaches out to NTT, Cognizant for takeover
Summary
Mumbai: Bootstrapped Synechron Technologies is on the block, with Cognizant and NTT among the global companies approached for a takeover, multiple people aware of the development told ET. The founders are reportedly exiting, they said.The financial services-focused IT company based in New York is valued $1.2-1.3 billion, bankers aware of the exercise said. Morgan Stanley has been mandated as an adviser.Synechron founders Tanveer Saulat Faisal Husain and Zia Bhutta denied they are looking to cash out. “Synechron, due to its niche services for the financial services industry, lured investors and our competitors to approach us multiple times for a buyout, but our founders have always refrained,” a Synechron spokesperson said in an emailed response. NTT did not respond to email queries.“IT companies want to expand BFSI segment as that is resilient to most economic cycles and has been growing steadily over decades,” said an investment banker advising technology companies.
