Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets, today announced that it has acquired Sionic, the international consulting and technology firm serving the insurance, banking, and wider highly regulated markets.
Headquartered in London, UK, Sionic specialises in technology transformation & digitalisation, international regulatory compliance, and risk management. In recent years the Sionic team has expanded its international offering to meet the increasing regulatory, commercial, trading & technology disruption need across global insurance, banking, and other highly regulated markets.
The firm’s 340 strong team operate across: the UK, US, Canada, Switzerland, India and Spain. 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 Davies has diversified and deepened its Consulting & Technology capability to provide customer experience, resourcing and learning solutions, as well as data & speech analytics, robotic process automation, legacy platform modernisation and product development for its 1,000+ insurance and highly regulated clients.
In March 2021 Davies announced that BC Partners had signed a definitive deal to take a majority stake in the business, to support Davies’ next phase of international expansion and continued digital transformation. The BC Partners deal closed in August, following receipt of regulatory approvals.
Globally Davies’ 5,000+ colleagues operate across Bermuda, Canada, Ireland, the UK and US. The business delivers professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation & change management.
Dan Saulter, Group CEO of Davies commented: “I’m delighted to welcome Craig and the wider team to Davies. Sionic’s highly experienced consultants and technology experts are trusted by some of the world’s largest financial institutions and, like us, have been on a journey to expand internationally and invest in innovation for its highly regulated clients. The insurance market continues to undergo significant transformation, with businesses seeking to harness the power of automation and digital capabilities to create competitive edge, to streamline their delivery and service, and to manage operating costs.”
He added: “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.”
Craig Sher, CEO of Sionic added: “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. The 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. We are all excited to see how the enlarged business will act as a positive disruptor in our market, bringing new ideas and solutions for our clients and great new career opportunities for our people. We can’t wait to get started.”