Nottingham's Synergy sold to BBP in multi-million pound deal.
Synergy Financial Systems has been sold to a Swiss subsidiary of a US company in a multi-million pound deal.It has been acquired by BBP AG, part of Nasdaq-listed Fundtech.
Synergy, which is based on Nottingham Science and Technology Park, off University Boulevard, and employs 25 people, provides IT support and services to more than 50 financial institutions, including banks and fund managers.
Synergy was advised by Loughborough professional advisers Jason Hathaway of solicitors Edward Hands & Lewis, and Jason Oram of accountants Essex Abel.
Under the terms of the deal, BBP has paid £2.5m in cash with an additional £1.1m in cash to be paid over the next three years based on Synergy's financial performance.
Although the business is now wholly-owned by BBP it will continue to operate as a separate, autonomous concern, with chief executive officer Peter Sandhu represented on the BBP board.
Mr Sandhu said Synergy was now poised for the next phase in its evolution and growth.
He added: "The combined business has a client base of more than 200 financial institutions and with the support of our new parent company we are now in the position to provide hosting business services to much larger clients."
New York law firm Kramer Levin and Berwin Leighton Paisner in London acted for BBP, making the transaction a truly international one.
Source: Nottingham Evening Post