Davies, the services and technology firm, has acquired Sionic, the international consulting and technology business, serving the insurance and banking markets.
Headquartered in London, Sionic specialises in technology transformation and digitalisation, international regulatory compliance, and risk management.
Sionic will join Davies’ Consulting & Technology practice headed by CEO, Mark Grocott.
Sionic CEO, Craig Sher, will continue to lead the day-to-day operations and will join Davies’ executive leadership team, with the wider team continuing in their roles within Davies.
In recent years the Sionic team has expanded its international offering to meet the increasing regulatory, commercial, trading and technology disruption needs across global insurance, banking, and other highly regulated markets.
The firm’s 340-strong team operates across the UK, US, Canada, Switzerland, India, and Spain.
Davies’ core service lines include claims solutions, legal solutions, insurance services and consulting and technology. Davies has more than 5,000 employees across the UK, Ireland, Bermuda, the US and Canada.
Davies’ acquisition of Sionic follows BC Partners’ deal to take a majority stake in the Davies business, to support Davies next phase of international expansion and digital transformation.
The deal closed early in August, following receipt of regulatory approvals.
Since its establishment in 1986, BC Partners Private Equity has completed 119 private equity investments in companies with a total enterprise value of over €150 billion.
Commenting on the Sionic acquisition, Dan Saulter, group CEO of Davies, says: “I’m delighted to welcome Craig and the wider team to Davies. Diversifying our solutions and expanding our operations globally is an important plank to our growth strategy. Through the addition of Sionic we can become more valuable to our 1,000+ global insurance and highly regulated clients.”
Sher comments: “We’re delighted to be joining forces with Davies. Together, this creates a fantastic opportunity to combine our complementary skills to create innovative new products and services for existing and new clients. Cultural fit is also important, and we are delighted to be working with like-minded colleagues who share our values, sense of purpose and commitment to developing talent.”
