The Freudenberg global technology group investigated various strategic options for its Freudenberg IT (FIT) Business Group. Together with FIT’s management, it concluded that FIT would have better growth prospects under Novacap, a Canadian financial investor with a clear IT growth plan. FIT will thus become part of a large, global full-service IT provider. Novacap will purchase FIT via Syntax, an IT company it acquired in 2016. Further investments and acquisitions will help sustainably expand Syntax’s market position. The transaction requires approval from antitrust authorities and closing is expected in Q1 2019.
Syntax is a family-founded Canadian company with extensive ERP expertise 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 establish a solid base for cooperation, synergy and future growth.
With the integration of the FIT acquisition, Syntax is taking an extra step 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 under this new set-up,” says Dr. Mohsen Sohi, Freudenberg Group CEO.