Johannesburg acquisition company, Capital Appreciation Limited, has acquired 100% of Synthesis Software Technologies for ZAR132.1 million.
Synthesis is a specialised financial technology company that provides software development, consulting and integration services to financial institutions.
It will remain independent, operating as a wholly-owned subsidiary of Capital Appreciation. Synthesis will continue to grow as a specialised financial technology provider with access to capital and other resources within Capital Appreciation to further invest in the business and expand its offerings.
Capital Appreciation Limited operates as a special purpose acquisition company. The Company aims to acquire one and more businesses and assets, via a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, and reorganization. Capital Appreciation focuses on acquiring businesses in the services sector.
Bradley Sacks, joint CEO of Capital Appreciation explains, “This acquisition is in line with Capital Appreciation’s value creation objectives and its strategy of providing established and emerging financial services companies with fintech services.
“Synthesis is well positioned to capitalise on financial institutions’ on-going requirements to invest in innovation, increase customer reach, reduce operating costs and enhance regulatory compliance. It is also the first Amazon Web Services (AWS) Consulting Partner to reach Advanced Partner status in the African and Middle East regions which enables clients to effectively utilise cloud technology.”
Michael Shapiro, MD of Synthesis says, “Synthesis started as a team of passionate software developers intent on transforming financial services for its customers in a meaningful way. As part of this journey, we earned their trust, built rewarding partnerships and provided high impact services. This vision will be enhanced by the strong leadership and vision of the Capital Appreciation team.”
Synthesis, founded in 1997, offers highly specialised software development, consulting and integration services and technology based product solutions to banking and financial institutions in South Africa and other emerging markets. Its focus is on the biggest impact areas for fintech: cloud, digital channels, blockchain, big data. In addition Synthesis addresses upcoming trends such as artificial intelligence (AI) and machine learning.
