We’re delighted to announce that Sionic has been wholly acquired by the Davies Group. This exciting next chapter in our story gives us even more opportunities to offer our media contacts expertise, insights and topical opinions on an even wider range of subjects. The full story is below and you can also read it here on the Davies’ website.
Davies expands its international Consulting and Technology operations through the addition of Sionic to its global professional services platform
LONDON, UK – 7 December 2021 – 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 specialise 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 Sonic 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.”
ENDS
About Davies
Davies is a multi-award-winning specialist professional services and technology business.
- Davies delivers operations, consulting and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation, customer experience, human capital, transformation & change management. Davies’ core service lines include Claims Solutions, Legal Solutions, Insurance Services and Consulting & Technology.
- Davies has a 5,000 strong team of professionals across the UK, Ireland, Bermuda, the US, and Canada with headquarters in the City of London.
- Davies’ investors are BC Partners, HGGC, AIMCo (acting on behalf of certain of its clients), and Davies’ employees following HGGC’s majority investment in January 2017 and AIMCo’s minority investment in January 2019.
- Davies’ programme of digital transformation has seen it successfully launch a range of technology-led solutions into its insurance and highly regulated markets, including the use of video, drones, robotics and its “Disruptive Thinking” innovation lab that places the power of new ideas in the hands of its people.
- Over recent years Davies has consistently delivered double-digit organic growth through a combination of growing its solutions with existing clients and adding new partnerships to its business.
- In September 2020 Davies was named in Sunday Times PwC Top Track 250 as an important mid-market contributor to the UK during the pandemic.
- In the past year Davies has added more than 150 new accounts to its organic platform. In addition, Davies has successfully broadened and deepened its operations and digital capabilities via targeted acquisitions. Since the start of 2017 Davies has acquired: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q’s insurance services business, Ember, Direct Group’s claims businesses, Veriphy, USA Risk Group, TMS, GBB, Banwells, Frontier, FWD, ASC, Thornton Group, Keoghs, Codebase8, Citadel & Cedar Consulting, ContactParners, TriPlus, Johnson Claim Service, Vehicle Replacement Group, BMTS, Wakely Actuarial, Northshore International Insurance Services, DMS, NPA, Littleton, Grovelands, IAS, Asta, IRSi and Sionic.
More information is available here.
You can also read this story here:
- Asset Servicing Times
- Bailiwick Express
- BL Global
- Business Leader
- Channel Eye
- Claims Journal
- Consultancy UK
- Finextra
- Inserv Global
- Insider Media
- Insurance Day
- Insurance Business America
- Insurance Edge
- Managing General Agents Association
- Newsbreak
- Private Equity Wire
- Securities Financing Times
- The Insurer
- The WealthNet
- UserWalls
Media contact
Stine Nyplass, Group Communications Manager, Davies
