International financial services consultancy Sionic has been acquired by Davies, a fast-growing private equity-backed consulting and technology group.
Founded in 1968, Davies is a professional services firm focused on the insurance industry. The London-based group, which has approximately 5,000 professionals in five countries, provides operations, consulting and technology services to all major industry segments.
The acquisition of Sionic, a laureate management consulting firm that works for banks, insurers and other financial services institutions, expands the advisory wing of Davies with a team of 340 consultants and deepens its advisory services on topics such as model strategy operational, risk management, regulatory compliance and digital transformation.
Dan Saulter, Davies Group CEO, said, “We are delighted to welcome Sionic. Their highly experienced consultants and technology experts are trusted by some of the world’s largest financial institutions and, like us, have embarked on a journey to expand internationally and invest in innovation for its highly regulated clients.
For Davies, the move gives the company access to segments outside of its traditional insurance domain, such as corporate banking and wealth management, and expands its geographic presence. Formed by the merger of US-based Sionic Advisors and UK-based Catalyst in 2019, Sionic has offices in the UK, US, Switzerland, Spain, Canada, India and Hong Kong. Kong.
“Diversifying our solutions and expanding our operations globally is an important part of our growth strategy. With the addition of Sionic, we can become more valuable to our more than 1,000 global insurers and our highly regulated customers,” said Saulter.
Meanwhile, for Sionic, the joining of forces will see the consultancy expand its footprint in the insurance industry.
Craig Sher, CEO of Sonic, said, “This creates a fantastic opportunity to combine our complementary skills to create innovative new products and services for existing and new customers… Joining forces with Davies will also create new career opportunities.” for our employees. “
Sionic will be integrated into Davies’ Consulting & Technology practice, led by CEO Mark Grocott. Craig Sher will continue to lead the day-to-day operations of Sionic and will join Davies’ management team.
The deal allows Davies to continue its buy-and-build strategy. Since 2017, the company has acquired more than twenty consulting and technology companies, including Cynergie, Citadel & Cedar Consulting, ContactParners, TriPlus, Grovelands and Veriphy. Davies is majority owned by BC Partners, which has held a majority stake since August of this year.