The world of business is diverse and dynamic, with mergers and acquisitions shaping the business landscape — especially in the digital sector. Exadel is no exception. While experiencing exponential growth, Exadel has been making strategic acquisitions to deliver exceptional digital transformation across industries.
In June, Exadel acquired CPQi, a financial services company that drives digital transformation across the Americas. Now, CPQi is to become Exadel’s financial services vertical, and we are looking forward to exploring our synergies as we build transformative solutions together for the financial services market.
Darren Oberst, CEO of Exadel, and Terry Boyland, CEO of CPQi, meet in a podcast to discuss the reasons behind the acquisition and share some strategic initiatives the company will be implementing, along with their fascinating insights into the outlook and trends in financial services.
Taking a quick glimpse into the history
Exadel has been blazing a trail for over 20 years, developing high-quality software solutions for world-class clients. Acquired by private equity firm, Sun Capital Partners, just 18 months ago, Exadel has been further empowered with strong investments, ultimately leading to a series of recent acquisitions including: Motion Software, Coppei, and CPQi.
Why did Exadel and CPQi merge?
Terry Boyland elaborates on the reasons why he decided to sell to Exadel.
- As CPQi is experiencing growth while providing services to large companies, Terry Boyland saw the need for a bigger structure that could handle CPQi’s momentum. Additional funding also meant new possibilities. With Exadel backed by Sun Capital, Terry Boyland knew Exadel was the right fit for the powerful vision and trajectory he had in mind.
- Terry Boyland knew he had to partner with a company with a compatible modern corporate culture to ensure the emotional and professional well-being of CPQi’s employees – knowing that successful integration requires a people-oriented transformative cultural mindset. The people-first culture at Exadel coupled with engineering excellence resonated with Terry Boyland and here we are today, integrating and developing for the new era!
- Exadel was also looking into increasing its digital footprint in the financial service industry, and likewise sought a synergistic powerful relationship with a company with a strong humanistic culture and a shared vision for the future.
What can clients expect from the acquisition?
Existing and future clients will greatly benefit from the merger with CPQi, as Exadel can handle a great capacity of clients and project and has a deeper talent pool to draw from. The financial services market is rapidly evolving, with end users taking a more central position; In the podcast Darren Oberst emphasizes the imperative of creating digital services that move with this trend.
Terry Boyland elaborates on the complex nature of the financial services market, highlighting the key role of innovation and thought leadership required in a rapidly evolving industry so focused on data-intensive processes. To see where technology can drive the financial sector forward, companies need time and analysis. This is where considered internal structure comes into play to effectively leverage expertise and manage time and resources optimally.
Having Motion Software and Coppei as part of Exadel equips the company with a unique set of skills. Coppei’s expertise lies in how business processes can translate to digital solutions, and Motion Software brings strong industry expertise, vision and innovation.
Darren Oberst is acutely aware that building digital solutions for the financial services market involves the combined leveraging of the expertise these companies have built up. Ultimately meaning that Exadel can offer a truly unique value proposition with the optimal consultancy in place, coupled with increased innovation and technical expertise. Oberst has a substantial background working in financial services and is a passionate believer in the positive impact their endeavors will have on the global industry.
“If there is a practical application of technology with reliability, compliance, and scalability in the financial services industry, then it can be applied in other industries as well,” Oberst asserts.
Geographies Exadel aims to serve
CPQi has been serving clients predominantly across the Americas, while Exadel’s key areas of focus have been Central and Eastern Europe. As well as leveraging the rich reserves of knowledge and customer experience from combining their experience and resources in the different regions, the leaders are currently exploring expanding its EU client and talent base, while assessing the potential of the Asia Pacific region.
Financial Services Technology Trends To Consider
When asked which trending financial services technology trends have started to penetrate the financial sector, Terry Boyland names four areas: neobanking, micro-investing, non-fungible tokens (NFTs), and open banking.
Neobanking allows non-banking companies to borrow a banking license and deliver a unique customer experience to clients that rivals the services offered by traditional banks.
Boyland is especially inspired by how micro-investing introduces people to the world of saving and investing. With micro-investing, users can sign up on a micro-investing platform and buy just a fraction of a share.
Non-fungible tokens will increase in prominence in the cryptocurrency and blockchain world, according to Boyland. The non-deletable nature of NFTs can be applied to permanent assets such as safely recording data such as logs for cars and houses, or even securely storing personal ID information.
Another financial services technology trend to look out for is open banking, which allows customers to select exactly who to share their financial data with for various online transactional purposes. This allows users to create more personally tailored financial experiences and share information judiciously through a set of unique APIs.
No matter what the technology might be bound with — cryptocurrency, cloud solutions, or AI — Obesrt and Boyland are equally strong believers in the importance of pursuing the development of security-enabled and reliable digital transformations that can be applied through the finance industry and beyond into other industries.
A unique spin on the financial services market
Nobody is in any doubt about the inflection point that is happening in the world today – the unique challenges this poses, and the exciting developmental potential that lies ahead.
Oberst and Boyland are excited about the future of their new synergy and approaches to highly product-specific scalable digital solutions for the financial business needs of a whole spectrum of clients.