The acquisition will expand Syntax’s global reach by augmenting its Montreal, Toronto, and New York City offices and workforce with Core Services locations and staff in four other U.S. states (Los Angeles, California; Houston, Texas; Phoenix, Arizona; and Vero Beach, Florida) and two other countries (Buenos Aires, Argentina; and Gurgaon, Hyderabad, and Mumbai, India).
Quebec-based Syntax financed the acquisition with help from Canadian equity from Novacap, though financial terms of the transaction were not disclosed.
In an April 20 statement, Syntax co-CEO Ryan Etinson called the acquisition “an important milestone for Syntax’s evolution as a world-class technology leader.”
“What we find particularly attractive about Core Services’ is its innovation-driven business model, custom monitoring solutions, exceptional client base, and most of all, its team of talented and highly qualified professionals,” Etinson said. “Syntax and Core Services share very similar cultures – both companies have long histories of constant investment in their businesses and employees, and we can count on that pattern continuing.”
Core Services also boasts stellar records for sales growth, operational excellence, and high-quality customer service, Etinson said, and shares Syntax’s goal of becoming one of North America’s North American technology services firms, if not the best.
In the April 20 statement, Core Services founder and CEO Jim Bistis said it gave him immense pride” to see the Core Services team become part of the Syntax family.
“I am confident that this union will bring value to both organizations,” Bistis said. “I am grateful to be able to hand over the reins of Core Services to such dedicated managers and to Syntax’s great entrepreneurs and I wish them every success.”
Both companies offer a mix of managed cloud services, managed application services, and consulting services for ERP applications used by mid- and large-sized enterprises. Syntax was founded in 1972, while Core Services was founded in 1990.