Orion Innovation announced the acquisition of Banktech Software Services, a core banking implementation partner for global financial institutions.
In a March 9 press release announcing the acquisition, Orion, an Edison-based digital transformation and product development services firm, said that Banktech will complement its financial services business, bringing additional industry expertise, open banking solutions and implementation capabilities.
The company noted that Banktech is a multi-regional partner for Temenos, a global banking platform that offers solutions for retail, corporate, payments, wealth management and private banking. Orion says joining with Banktech expands the company’s banking platforms capabilities and banking-as-a-service and SaaS offerings.
“Banktech is a perfect fit for our growing financial services business,” said Raj Patil, CEO of Orion. “We are excited to strengthen our industry expertise and capabilities to deliver end-to-end transformative solution to our financial services clients globally.”
The acquisition comes on the heels of last month’s announcement that Orion had entered into a strategic partnership with Sryas, which specializes in providing digital transformation services and solutions to companies in the telecommunications sector.
As part of the deal, Banktech CEO Suchen Janjale will join Orion and work closely with Global Head of Financial Services Anoop Gala to help financial services companies accelerate their digital strategies.
Gala said that Banktech has a proven track record as an innovative partner.
“Adding Banktech increases our regional presence in the U.K., EMEA (Europe, the Middle East and Africa), APAC (Asia-Pacific), enhancing our ability to deliver high-value solutions and support clients in these markets,” said Gala. “There is significant opportunity globally in banking, payments, and wealth modernization, and this combination strengthens our domain-led go-to market and digital offerings in SaaS and banking cloud.”
Janjale added that combining with Orion enhances the company’s ability to meet the growing demand for rapid deployment of open banking solutions.
“Orion’s global presence adds a significant scale to our business and will enable more clients to leverage our collective solutions to reimagine their products and services,” said Janjale. “I look forward to working with Anoop and the team to expand the company’s existing relationship and help clients capture new market opportunities.”
For Orion, a portfolio company of One Equity Partners (OEP), that global presence includes nearly 7,000 associates and 12 major delivery centers across North America, Latin America, EMEA and APAC.