New strong global IT organization under Syntax
Today, Freudenberg IT (FIT) becomes part of Syntax. The owner of this Canadian ERP specialist is Canadian investment company Novacap. Currently, three IT companies - Syntax, FIT and EmeraldCube - are being brought together under the Syntax umbrella to create a strengthened global IT full-service provider with a clear IT growth plan. The company's market position will also be sustainably expanded through further investments and acquisitions.
The purchase agreement between the Freudenberg global technology group and Novacap was signed at the end of January. The antitrust authorities have now approved the transaction. This development is the result of a long-term strategic process, where Freudenberg, together with the management of its FIT Business Group, investigated various options to determine the best possible path forward.
Founded as a family-owned company, Syntax now has extensive ERP knowhow and a strong position in North America. Complementary to this, FIT is an SAP specialist in North America, Europe and Asia.
This strategic acquisition enables both companies to combine their specific strengths and serve new markets with a growing portfolio. Syntax and FIT share very similar, client-centric corporate cultures, values and operating principles, which form a solid basis for cooperation, the realization of synergies and future growth.
With the integration of the acquired FIT, Novacap is taking the first step to enable Syntax to become a globally active technology leader and full-service provider. Further acquisitions and investments are planned.
“In this new environment, with a clear focus on the IT market, FIT will be better able to develop and grow sustainably under this new set-up,” says Dr. Mohsen Sohi, CEO of the Freudenberg Group.