Davies, the service and technology company, has acquired Sionic, the international consulting and technology company, serving the insurance and banking markets.
Based in London, Sionic specializes in technological transformation and digitization, international regulatory compliance and risk management.
Sionic will join Davies’ Consulting & Technology practice led by CEO, Mark Grocott.
Sionic CEO Craig Sher will continue to lead day-to-day operations and join Davies’ management team, with the extended team continuing to serve within Davies.
Over the past few years, the Sionic team has expanded its international offering to meet the growing regulatory, trading, trading and technological disruption needs in the global insurance, banking and other markets. highly regulated markets.
The company’s team of 340 people operate in the UK, US, Canada, Switzerland, India and Spain.
Davies’ core service lines include claims solutions, legal solutions, insurance services, as well as consulting and technology. Davies has more than 5,000 employees in the United Kingdom, Ireland, Bermuda, the United States and Canada.
Davies’ acquisition of Sionic follows BC Partners’ agreement to acquire a majority stake in Davies, to support Davies’ next phase of international expansion and digital transformation.
The transaction closed in early August, following receipt of regulatory approvals.
Since its inception in 1986, BC Partners Private Equity has made 119 private equity investments in companies with a total enterprise value of over 150 billion euros.
Commenting on the acquisition of Sionic, Dan Saulter, CEO of Davies Group, said: “I am delighted to welcome Craig and the whole team to Davies. 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 insurance and highly regulated customers. “
Sher comments: “We are delighted to partner with Davies. Together, this creates a fantastic opportunity to combine our complementary skills to create new, innovative products and services for existing and new customers. Cultural fit is also important, and we are excited to work with like-minded colleagues who share our values, sense of purpose, and commitment to developing talent.