Service: Deal Advisory

Gerald Edelman's Deal Advisory team advises on the sale of Citihub Digital

29 Oct 2020

Gerald Edelman is delighted to announce that its Deal Advisory team has advised on the sale of Citihub Digital, a leading London-based financial services technical consultancy with offices in New York, Toronto, and Hong Kong. The company was acquired by Synechron, Inc., a New York-based leading digital transformation consulting firm for the financial services industry. Pricing and other deal terms have not been disclosed.

The combination of Synechron’s innovation-led digital transformation work and Citihub Digital’s strong capabilities in application modernisation, cloud enablement, cybersecurity and operating model transformation will lead to continued growth for both companies specifically in key financial markets across Europe, North America and Asia Pacific.

About Citihub Digital

Citihub Digital is a technical consultancy focused on application modernisation, cloud enablement, cyber security and operating model transformation for the financial services industry. Headquartered in the UK, Citihub has offices in New York, Toronto and Hong Kong with a core client set of Tier-1 banks. Citihub’s consultants specialise in bringing together business domains and technical topics which require knowledge across multiple functions, such as strategy, application development, infrastructure, regulation and security (e.g., continuous compliance for cloud).

About Synechron

Synechron is a leading Digital Transformation consulting firm for financial services, accelerating digital initiatives for banks, asset managers, and insurance companies around the world. Synechron deliver strategic solutions for clients by providing a unique end-to-end delivery capability that combines digital, business consulting, and technology expertise. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $550+ million in annual revenue.

Chris Allison, Co-Founder and Managing Director of Citihub Digital, commented:

“Gerald Edelman has been with us throughout the entire Citihub journey from the very start, and we’ve never had a bad day together. We’ve really valued the partnership over that whole period and never more so than in the last few weeks.

The Deal Advisory team has provided excellent support and advice in the months leading up to completion, alongside the other relevant teams within Gerald Edelman, and the firm continues to support us post-completion. The team added significant value during the process and we really appreciated their experience and assistance in getting the deal across the line. We would highly recommend their services to anyone going through a sale process.”

Nick Wallis, Partner in the Deal Advisory team at Gerald Edelman, added:

“We are delighted to have advised on such an exciting deal for the shareholders of Citihub. Having worked with Citihub since their inception, it is a very proud moment for us at Gerald Edelman to have now advised on the sale of the company – with our Audit, Accounts, Tax and Deal Advisory teams all playing a significant role, demonstrating the value of our cross-functional approach, and our capability in advising on cross-border transactions.

We believe that Synechron represents an excellent partner for the business and are confident that both businesses will continue to grow as a result of the clear synergies set to be realised as part of this deal. We wish the team at Citihub every success with the exciting new chapter that lies ahead.”

If you are thinking of selling your consultancy business or making stratgic aquisitions, contact Nick Wallis at nwallis@geraldedelman.com. Nick and his team have experience advising on deals for consultancy businesses and have recently spoken to several active buyers.

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