Insurance claims service provider Davies Group buys Cynergie UK
Third party administrator and specialist outsourcer Davies Group has acquired Cynergie UK, a specialist regulatory services business, for an undisclosed price.
The Cynergie deal is Davies’ first acquisition since HGGC took a majority stake in the business in January 2017, pledging to support its plans to invest in niche & specialist services, technology and technical expertise.
Based in Peterborough and Birmingham, Cynergie provides outsourced regulatory and complaints management services across highly regulated sectors, including: insurance, financial services, utilities, and to ombudsmen & regulators.
Cynergie’s senior team will all join Davies, with Mark Parnaby leading the business as Managing Director, reporting directly to Dan Saulter, CEO of Davies. Cynergie will retain its name and becomes a new specialist division in Davies.
The acquisition of Cynergie will allow Davies to provide additional specialist capability to its clients, including complaints & regulatory services, alongside its insurance claims and insurance services offerings. In turn Davies will invest to develop Cynergie’s capability and add new clients in regulated sectors.
Dan Saulter, CEO of the Davies Group said: “We are delighted to be partnering with the team at Cynergie, who have an excellent track record and strong long term partnerships with its clients. This is the first step towards delivering our strategy of broadening & deepening the capability that we offer our clients, through investing in niche & specialist services, technology and technical expertise”.
Mark Parnaby, Managing Director of Cynergie said: “We are excited to be joining forces with Davies Group as this will enhance Cynergie’s capability to further support our key clients and their ambitions. Our complementary services, combined with Davies’ commitment to investment in technology and specialist services will increase the value we can offer to clients”.
Source: Company Press Release