The addition of Vernalis’ team enables Orion to be strongly equipped to help their clients in the financial services industry to solve complex challenges as new regulatory idiosyncrasies arise.”
New York, NY (PRWEB) March 24, 2017
New Jersey headquartered Orion, a global IT business solutions firm, today announced the acquisitions of New York-based Vernalis Group, Inc. and India-based Vernalis Systems Private Limited (together, “Vernalis”). With this acquisition, Orion further solidifies its presence in the Professional Services industry vertical, and adds a new industry vertical of Global Sports & Entertainment.
New York-based boutique investment bank - Sett & Lucas, were the exclusive sell side M&A advisors for the transaction. "The addition of Vernalis’ team enables Orion to be strongly equipped to help their clients in the financial services industry to solve complex challenges as new regulatory idiosyncrasies arise,” said Steve Malin, Managing Partner at Sett & Lucas. He also added: "This is our third transaction in Q1 of 2017 and it further cements our leadership position in Technology M&A transactions."
“We are excited about the acquisition of Vernalis and the opportunities of our combined company,” said Raj Patil, Chief Executive Officer of Orion. “Rarely do two firms bring such a similar customer engagement model to bear; and the resulting close partnerships that Vernalis has developed with its marquee customers will be a valuable addition to Orion’s existing list of customer partners.”
Vernalis provides custom software and technology solutions to a variety of enterprise clients in the financial services and professional athletics industries. With consultants located in the United States, India and Australia, the company provides unparalleled expertise in using emerging technologies to simplify and automate complex business processes for its customers.
“Orion represents the ideal acquirer for Vernalis. With its similar focus on developing meaningful partnership-oriented relationships with its customers via its efficient use of a global footprint like Vernalis, the two companies are naturally suited to work together,” said Bala Chandra, Founder and CEO of Vernalis. He added: “Many thanks to the firm of Sett & Lucas, the exclusive sell side advisors for the transaction.” “Vernalis and our customers are looking forward to the expanded scale and capabilities that the combination with Orion will provide, as this transaction represents a true win for Orion, Vernalis and our collective customer base,” said Nate Hanafy, Managing Director, New York of Vernalis.
Orion focuses on delivering solutions across data, analytics, enterprise collaboration, risk and compliance, knowledge management and cloud; enabling its customers to drive their journey “from data to decision making.” The company has established itself as a strategic partner to numerous Fortune 1,000 and large enterprise clients in the financial services, telecom, healthcare, consumer products, education, and government industries.
"After one of the busiest years for tech sector M&A in 2016, with $260 billion in M&A deals, the momentum seems to continue in 2017 as well with a host of deals in the technology sector in the first three months of the year. Vernalis is another success story of a company that has built a scalable business model focussing on IP based solutions for under-serviced industry verticals such as sports," says Prabhu Antony the deal lead and Sr. Vice President at Sett & Lucas.
Founded in 1993 and headquartered in New Jersey, Orion is a global provider of IT solutions and services to the Fortune 1,000 and large enterprise clients. The Company serves as a strategic IT partner for leading financial services, healthcare, communications, consumer products, education, and government organizations. Orion delivers solutions across data, analytics, enterprise collaboration, risk & compliance, knowledge management and The Cloud. Orion’s ability to service a broad range of clients using its blended engagement models has resulted in delivering cutting edge and cost effective solutions to its clients, and the company has experienced revenue growth in 23 of the 24 years since its founding. For more information, visit http://www.orioninc.com
Founded in 1999, Vernalis provides custom software and technology solutions to a variety of enterprise clients in the financial services and professional athletics industries. With nearly 400 consultants located in the United States, India and Australia, the company provides unparalleled expertise in using emerging technologies to simplify and automate complex business processes for its customers. For more information, visit http://www.vernal.is/
About Potomac Equity Partners
Potomac Equity Partners is a Washington, D.C.-based private equity investment firm focused on providing superior equity returns through the close partnership and collaboration with its portfolio company management team members. The firm strives to invest in companies with leading products and services, superior management teams, and in which its invested capital and collaborative efforts can enable companies to exponentially ramp their long-term growth prospects and overall performance. The principals of Potomac Equity Partners have a long and successful history of investing with management teams across a wide range of industries including software and technology, education and training, healthcare, and information services. For more information, visit http://www.potomacequitypartners.com.
About Sett & Lucas
Sett & Lucas is a boutique investment banking firm focused in the Software, Services and Industrial verticals. The firm is headquartered out of Hong Kong with 12 offices in 8 countries. In addition to M&A advisory, Sett & Lucas also provides Institutional Equities, Fund Management services to family offices and Compliance & Regulatory tracking for the Buy side (Asset Management companies and Hedge Funds). http://www.settlucas.com