Connect with us

Top Stories

SYNECHRON CONTINUES TO SHINE WITH EXPECTED RECORD REVENUE GROWTH OF 28% AMOUNTING TO $405M IN THE FINANCIAL YEAR 2016-17

Published

on

SYNECHRON CONTINUES TO SHINE WITH EXPECTED RECORD REVENUE GROWTH OF 28% AMOUNTING TO $405M IN THE FINANCIAL YEAR 2016-17
  • Digital, business consulting and technology services provider sets revenue target of $500m in next 12 months and $1bn by 2020
  • Celebrates 15 years of entrepreneurship and innovation with Financial Innovation Labs open in London, Amsterdam, Dubai, Pune and Bangalore

Synechron the digital, business consulting and technology services provider, 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.[1] 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’sFinLabs 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.”

Top Stories

Bitcoin, ether hit fresh highs

Published

on

Bitcoin, ether hit fresh highs 1

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.

The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year.

Bitcoin’s gains have been fuelled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.

Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.

Ether futures contracts launched on derivatives exchange CME earlier this month.

(Reporting by Vidya Ranganathan; Editing by William Mallard)

Continue Reading

Top Stories

World Bank pushing for standard vaccine contracts, more disclosure from makers

Published

on

World Bank pushing for standard vaccine contracts, more disclosure from makers 2

By Andrea Shalal

WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing with drug makers, and is pushing manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries, the bank’s president said on Friday.

World Bank President David Malpass told Reuters he expected the bank’s board to have approved $1.6 billion in vaccine funding for 12 countries, including the Philippines, Bangladesh, Tunisia and Ethiopia, by the end of March, with 30 more to follow shortly thereafter.

The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank program, and also to standardize the contracts they are signing with manufacturers, he said.

The bank’s International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries, but needs more data on where current production is headed, he said.

“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters. New or expanded plants could be used to produce other types of vaccinations in the future, he said.

The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.

Malpass welcomed Friday’s pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.

Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in COVID-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100, Many African countries have not started at all.

Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.

(Reporting by Andrea Shalal; Editing by Heather Timmons and Leslie Adler)

Continue Reading

Top Stories

Google to evaluate executive performance on diversity, inclusion

Published

on

Google to evaluate executive performance on diversity, inclusion 3

By Paresh Dave

(Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team diversity and inclusion starting this year, the company said on Friday in one of several responses to concerns about its treatment of a Black scientist.

Timnit Gebru, co-leader of Google’s ethical artificial intelligence research team, said in December that Google abruptly fired her after she criticized its diversity efforts and threatened to resign.

Alphabet and Google Chief Executive Sundar Pichai ordered a review of the situation. While Google declined to share specific findings, the company announced on Friday it will engage human resources specialists during sensitive employee departures.

Pichai in June said that by 2025, Google aims to have 30% more of its leaders come from underrepresented groups, with a focus on Black, Latinx and Native American leaders in the United States and female technical leaders globally. About 96% of Google’s U.S. leaders at the time were white or Asian, and 73% globally were men.

As a result of the investigation, the company also expanded a commitment announced in June to devote more resources to retaining and promoting existing employees, including by expanding a team addressing disputes among workers and their managers.

The diversity component of executive performance reviews was not previously announced, and the company did not immediately share details about what would be measured and how pay would be affected.

Alphabet for years had rejected proposals from shareholders and employees to set diversity goals and tie executive pay to them.

Irene Knapp, a former Google employee who advocated for one such proposal at a 2018 shareholder meeting, said on Friday, “I am pleased that they met our demand from 2018, which was a bare minimum that should have been easy to do immediately.”

Evaluating managers on diversity goals is becoming more commonplace. McDonald’s Corp on Thursday tied executive bonuses to diversity.

(Reporting by Paresh Dave; Editing by Cynthia Osterman)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 4 FTSE Russell to include 11 stocks from China's STAR Market in global benchmarks 5
Trading16 hours ago

FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks

SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...

Foxconn chairman says expects "limited impact" from chip shortage on clients 6 Foxconn chairman says expects "limited impact" from chip shortage on clients 7
Business16 hours ago

Foxconn chairman says expects “limited impact” from chip shortage on clients

TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...

Bitcoin, ether hit fresh highs 8 Bitcoin, ether hit fresh highs 9
Top Stories16 hours ago

Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 10 UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims 11
Trading16 hours ago

UK insurers estimate to pay up to 2.5 billion pounds for coronavirus claims

(Reuters) – The Association of British Insurers (ABI) said on Saturday insurers are likely to pay up to 2.5 billion...

Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 12 Citigroup considering divestiture of some foreign consumer units - Bloomberg Law 13
Banking16 hours ago

Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with...

World Bank pushing for standard vaccine contracts, more disclosure from makers 14 World Bank pushing for standard vaccine contracts, more disclosure from makers 15
Top Stories16 hours ago

World Bank pushing for standard vaccine contracts, more disclosure from makers

By Andrea Shalal WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing...

Google to evaluate executive performance on diversity, inclusion 16 Google to evaluate executive performance on diversity, inclusion 17
Top Stories16 hours ago

Google to evaluate executive performance on diversity, inclusion

By Paresh Dave (Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team...

EU seeks alliance with U.S. on climate change, tech rules 18 EU seeks alliance with U.S. on climate change, tech rules 19
Business16 hours ago

EU seeks alliance with U.S. on climate change, tech rules

By Sabine Siebold and Kate Abnett BERLIN (Reuters) – Europe and the United States should join forces in the fight...

Oil extends losses as Texas prepares to ramp up output after freeze 20 Oil extends losses as Texas prepares to ramp up output after freeze 21
Trading16 hours ago

Oil extends losses as Texas prepares to ramp up output after freeze

By Devika Krishna Kumar NEW YORK (Reuters) – Oil prices fell for a second day on Friday, retreating further from...

Dollar edges lower as investors favor higher-risk currencies 22 Dollar edges lower as investors favor higher-risk currencies 23
Investing16 hours ago

Dollar edges lower as investors favor higher-risk currencies

By Stephen Culp NEW YORK (Reuters) – The dollar lost ground on Friday as market participants favored currencies associated with...

Newsletters with Secrets & Analysis. Subscribe Now