SunGard's Cadextan division acquires Armonys

Source: SunGard

SunGard announced today that its Cadextan business unit has acquired Armonys, a privately held company specialising in the provision of consultants to the financial industry in France.

Armonys will become part of SunGard's Cadextan business unit. The acquisition further strengthens Cadextan's position as a leading provider of consultants to the French financial industry. The transaction, the terms of which have not been disclosed, is not expected to have a material impact on SunGard's financial results.

Cadextan's consultants are used by some of France's leading financial services institutions, with the average length of engagement exceeding one year. Armonys' consultants provide a similar service to a complementary customer base. The combined organization represents the single largest pool of consultants specialising in finance and IT in France, giving SunGard more opportunity to deepen its relationships with some of France's largest financial services institutions.

Both Cadextan and Armonys have strong track records in recruiting and managing consultants with the relevant IT and finance skills from France's top universities. Combining the two human resources teams will help increase the capacity to hire through greater visibility and increase the attractiveness of the opportunity to potential recruits. Both Cadextan and Armonys provide their consultants with training in finance, IT and English, and the increased number of trainers will help enhance the depth and breadth of this training.

Armonys co-founder Damien Leclerc will become responsible for human resources and co-founder Cédric Hamelin will be responsible for operational management of Armonys.

Didier Neyrat, president of SunGard's Cadextan business unit, said, "The acquisition of Armonys strengthens our leadership position in France and enables us to offer a greater choice of consultants to existing and new customers. It will help us continue the growth we have experienced over the last few years. Our success has come from a combination of high levels of customer service and offering highly motivated consultants who have both finance and IT expertise. This joining of forces will help make us the clear choice for anyone wanting to work as a financial industry consultant in Paris and we expect our recruitment to accelerate. We hope to attract about ten new consultants a month for the foreseeable future. It will also reinforce our position as the place financial institutions turn to when they are looking for consultants."

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