Paris-based independent management and artificial intelligence (AI) consulting firm Sia Partners has acquired management consulting firm Summus Group. Financial terms of the deal were not disclosed.
This is technology M&A deal number 641 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Summus, founded in 2012, specializes in business and technology transformation, risk advisory, digital change, modern project delivery and information security for the financial industry.
Summus employs 80 consultants in the U.S. Key locations include Charlotte, North Carolina and Atlanta, Georgia. The company's clientele spans consumer banking, corporate banking and fintech industries, representing $18 million in revenue, according to the buyer.
The acquisition strengthens Sia Partners’ position on the U.S. east coast and increases the firm’s overall presence in the U.S. Sia now has more than 500 consultants and generates $95 million in combined revenue, the buyer says.
Sia Partners Acquires Summus Group: “From Crypto To RegTech”
Matthieu Courtecuisse, founder and CEO, Sia Partners, commented:
"This move reaffirms Sia Partners’ position as a serious consulting player in the U.S. banking market, with two flagship offices, in New York and Charlotte, combined to a nation-wide projection with more than 300 expert consultants. It also strengthens our footprint in the Fintech space, from crypto to RegTech."
Wes Graham and Bill Sanders, managing partners at Summus Group, released a statement:
"We are very excited to join Sia Partners. This combination is a natural fit of two pure consulting players with a strong focus on the financial services industry, as Summus Group’s client portfolio and team expertise seamlessly complement Sia Partners’ existing capabilities in the U.S."
Matthieu Courtecuisse, founder and CEO of Sia Partners, added:
"After the acquisition of Ethier in Canada, we are pursuing our development in the North American consulting market with the Summus Group acquisition. I am pleased to announce the immediate creation of a new office in Atlanta. We are now operating in ten locations in the US, and plan to expand to 15 locations and over 800 consultants by 2023. We contemplate executing other acquisitions in the US in the coming months, with an ambition to confirm our position in the Top 15 management consulting firms in the US."
About Sia Partners
Sia Partners has more than 2,200 workers throughout its offices in Europe, Africa, the Middle East, Asia and North America. The company claims to set itself apart with its “Consulting 4.0” approach, which combines management consulting skills with AI techniques.
Founded in Paris in 1999, Sia has leveraged acquisitions to expand worldwide. The firm purchased OTC Conseil Group’s New York branch, and thereby gained a foothold in the U.S. market. In 2014, the company opened its first Canadian office in Montreal. In 2016 the company acquired the consulting firm Molten Group, adding its Houston office to the company’s holdings. In 2019, it bought Loft9, a Seattle, Washington-based management consulting firm.
