Salesforce cloud partner Prime Technology Group, backed by private equity firm Frontenac, has acquired agile software developer Synerzip. The deal has been positioned as a merger. Financial terms were not disclosed.
This is M&A deal number 538 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
Frontenac has owned Prime, a technology services provider, since December 2019. Balance Point Capital also owns a stake in Prime. Majority owner Frontenac has an "aggressive acquisition plan for Prime" that focuses on "delivering software development, application development and managed software solutions to highly regulated industries."
Prime, founded in 2001, is headquartered in Wayne, Pennsylvania. Prime's core product offerings include application development, data management, cloud services, and content management. It has additional operations in Detroit, Michigan and Hyderabad, India.
Prime Technology Group and Synerzip Merger: Executive Perspectives
In a prepared statement about the Synerzip deal, Prime founder and CEO Sudhakar Goverdhanam said:
"We are excited to combine the Prime family with the Synerzip family, consistent with our strategy to add complementary software development capabilities which strengthen our vertical market domain expertise. We are excited to work with the Synerzip leadership team to continue to delight their clients and our clients with our combined strength."
Added Hemant Elhence, co-Founder and CEO of Synerzip:
"By joining with Prime, our clients will have access to Prime's broad range of technology capabilities and industry expertise," said Hemant Elhence, Co-Founder and CEO of Synerzip. "The combined capabilities of Synerzip and Prime will enable us to deliver higher business value to our clients and to accelerate their digital transformation efforts."
Concluded Vinayak Joglekar, co-founder and CTO of Synerzip:
"When Hemant and I started this company in 2004, we could not have envisioned the growth and the 500 employees who have become family to us. I echo the words of Hemant—I am excited about the combined offerings of Synerzip and Prime and together with our merged teams, we will continue to keep our focus on clients and building great software products with them."
Meanwhile, here's an extended list of Salesforce partner mergers and acquisitions.
