Orion Innovation Acquires Banktech Software Services
10 March 2023
Orion Innovation a leading digital transformation and product development services firm, today announced the acquisition of Banktech Software Services Ltd a core banking implementation partner for global financial institutions. Banktech will complement Orion's financial services business by bringing additional industry expertise, open banking solutions, and implementation capabilities to the company.
Banktech is a multi-regional partner for Temenos, a leading global banking platform for large and small banks, challenger banks, and fintechs. Temenos' banking platform offers a wide range of solutions for Retail, Corporate, Payments, Wealth Management and Private Banking. Banktech delivers implementation services in core banking and digital banking for Temenos clients in the UK, Ireland, EMEA, and APAC. Bringing Banktech and Orion together expands the company's capabilities in banking platforms and offerings in banking-as-a-service and SaaS.
Orion has approximately 7,000 associates and 12 major global delivery centers across North America, Latin America, EMEA, and APAC. Suchen Janjale, CEO of Banktech, will join Orion and work closely with Anoop Gala, Global Head of Financial Services at Orion, to help financial services companies accelerate their digital strategies.
"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 solutions to our financial services clients globally."
"Banktech has a proven track record as an innovative implementation partner," said Gala. "Adding Banktech increases our regional presence in the UK, EMEA, and APAC, enhancing our ability to deliver high-value solutions and support clients in these markets. 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 said, "Combining with Orion enhances our ability to meet the growing demand for rapid deployment of open banking solutions. Orion's global presence adds significant scale to our business and will enable more clients to leverage our collective solutions to reimagine their products and services. I look forward to working with Anoop and the team to expand the company's existing relationships and help clients capture new market opportunities."
Orion is a portfolio company of One Equity Partners (OEP), a middle-market private equity firm focused on building market-leading companies by identifying and executing transformative business combinations.