H.I.G | January 23, 2024
H.I.G. Capital (“H.I.G.”), a global alternative investment firm with $60 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of CHA Consulting, Inc. (“CHA” or the “Company”), a leading full-service engineering, design, consulting, and program management firm providing a range of technology-enabled services to public, private, and institutional clients. CHA’s existing management team, led by President Jim Stephenson, will continue to lead the Company and remain shareholders in the business. Terms of the transaction were not disclosed.
Founded in 1952 and headquartered in Albany, New York, CHA operates under three main sectors: infrastructure, power & manufacturing, and commercial & institutional. The Company serves clients across diversified end-markets including government, manufacturing, transportation, utility, water resources, commercial, and education. Through a combination of experienced and high-quality engineers, end-market expertise, and diverse capabilities, CHA provides industry-leading service to its blue-chip customer base.
Jim Stephenson, President & CEO of CHA Consulting and Holdings, Inc., commented, “H.I.G. brings tremendous financial and operational resources with a great track record supporting companies and delivering value. We are confident this partnership will further position CHA for continued growth and will provide opportunities to better support our clients and the markets we serve.”
“We are excited to partner with Jim and his exceptional management team. CHA provides critical engineering services through its talented team and is well-positioned for continued growth, capitalizing on accelerating investments in the end markets they serve across the United States and Canada. We look forward to supporting the team’s growth strategy and strategically broadening its operational scope across North America, both organically and through additional add-on acquisitions,” added Matt Hankins, Managing Director at H.I.G. Capital.
Houlihan Lokey, Inc. served as lead financial advisor with support from AEC Advisors, and Simpson Thatcher & Bartlett LLP served as legal counsel for CHA. Harris Williams LLC served as financial advisor, and Ropes & Gray LLP served as legal counsel to H.I.G.
About CHA Consulting
CHA Consulting, Inc. is an innovative, full-service engineering, design, consulting, and program management firm providing a wide range of technology-enhanced services to public, private, and institutional clients. They are focused on delivering sustainable, integrated solutions to the world's most challenging infrastructure projects across utilities, transportation, water, and other critical commercial and industrial end-markets. CHA was ranked 69th largest engineering firm in the U.S. in 2023 by ENR, with approximately 1,800 employees and 50 offices throughout the U.S. and Canada.
About H.I.G. Capital
H.I.G. Capital is a leading global alternative investment firm with $60 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/ value-added approach
H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets.
H.I.G. also manages a publicly traded BDC, WhiteHorse Finance. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector. Since its founding in 1993,
H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion.
Synechron | February 02, 2024
Synechron, Inc., a leading global digital transformation consulting firm focused on financial services and technology organizations, announces the launch of its Synechron Nexus suite of nine Artificial Intelligence (AI) solutions that are ready to be deployed within weeks. This array of generative AI-led solutions was designed to span the nexus between human expertise and AI, while enabling users to automate manually intensive tasks, increase project speed, drive operational efficiencies, and reduce costs across various key business tasks.
Each solution, divided among three value streams, allows Synechron clients to improve their operations, reduce friction in their processes and boost productivity.
Business Growth: Practical, innovative applications that enhance business capabilities
Synechron Amplifai is a GenAI-powered market research solution. Its automated research capability saves significant time in a wide range of use-cases, reducing the tedium of gathering, analyzing and reporting market news, trends and strategies.
Synechron Clarifai is a tool for summarizing and analyzing call-center transcripts. Conversations are flagged for non-compliance and further human review/actions.
Synechron Simplifai centralizes project portfolio data and metrics for streamlined executive decision-making, informing effortless, data-backed decisions for executive and steering committee groups.
Operational Efficiency: Advanced solutions to streamline processes and elevate internal operations
Synechron Nexus Chat is built on a conversational AI model, understands and engages in a comprehensive range of scenarios and supports plug-ins for real-time data and integration, while delivering human-like conversational responses and text, safely and securely.
Synechron Replai is an AI-driven, RFP and proposals tool, streamlining proposal creation with high-quality, insightful responses, with the ability to search the internal knowledge repository for fast access and content re-use.
Synechron Unifai is an AI-driven HR solution, designed to simplify interactions between company HR functions and employees, such as policy information and employee-specific payroll details.
Synechron Identifai collects comprehensive online market intelligence and provides an in-depth understanding of business, emerging technology trends, or any research topic.
Developer Productivity: Toolkit to optimize timelines, minimize costs, and automate practices across the Software Development Lifecycle (SDLC)
Synechron Codifai is an SDLC productivity improvement tool, using automation in code generation, unit test case generation, legacy code migration, code optimizations, and automatic code documentation. It works closely with Synechron Verifai which addresses software testing aspects.
Synechron Verifai is a GenAI tool for SDLC productivity, using automation in code generation with a focus on QA test case generation, automated test script generation, synthetic test data generation, and bug detection and bug fixing. It works closely with Synechron Codifai which addresses software development efficiency.
This new Synechron Nexus AI suite of real-world, practical business solutions, combined with the five formalized RiskTech.AI Accelerators (launched in October 2023), leverages Synechron's AI Practice expertise globally. The creation of AI-led business solutions has been a passion of Synechron's for over a decade, and the firm's commitment to innovative excellence has won the firm eight prestigious AI industry awards to date.
Faisal Husain, Synechron's Co-founder and CEO, said of the launch of the Synechron Nexus AI Suite of solutions, "We are proud to be releasing this extensive array of AI-enhanced solutions that go beyond the hype, and provide significant, tangible benefits to business operations. AI and GenAI-rich tools are not just ideas we offer to our clients, but key process accelerators that we ourselves at Synechron are deploying across our company, as we offer ways to integrate the benefits of this technology with human expertise."
Ryan Cox, Co-head of Synechron's AI Practice in the UK, added, "Our team has developed, tested, and successfully integrated these advanced AI solutions. Our approach is to strategically guide our clients to integrate AI effectively within their business processes. We identify the key areas where AI can bring the most impact, aligning our solutions to their unique business needs. This targeted approach ensures significant value creation with maximum benefit."
Prabhakar Srinivasan, Co-head of Synechron's AI Practice in Bangalore, India, commented, "Artificial Intelligence has proven to be a wonderful force for driving business enhancements by quickly synthesizing extraordinarily large data sets. The Large Language Models used learn over short span of time on how to optimize each firm's proprietary information, thereby boosting productivity and allowing businesses to realize time and cost savings as they optimize tasks."
At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 15,000+, and has 48 offices in 19 countries within key global markets.
Finastra | December 05, 2023
Finastra, a global provider of financial software applications and marketplaces, brought together leaders from community banks and credit unions across the United States to discuss innovation in lending technology, operational and strategic initiatives, and trends in mortgage and retail lending. The series, open to current Finastra lending customers, was hosted in Chicago, Orlando, Dallas, and Scottsdale from September through mid-November.
With presentations from Lending business unit product and compliance experts, various financial institutions, and industry partners, User Connect explores how financial institutions can maximize their fintech solutions, offering strategies for achieving increased growth, productivity, and compliance readiness.
User Connect is a unique opportunity to come together with customers and ecosystem partners to share ideas and best practices. Insights from the event are invaluable, and we look forward to conversations like this throughout the year so that we can enable more seamless customer journeys and more productive time to revenue for lending teams across the US.
Mitch Lucas, head of retail lending at Finastra
Throughout the series, several significant takeaways were highlighted:
Optimization of tech stack is key: To generate leads more quickly and easily, nurture these leads, and increase chances to convert them to being a customer, a modern end-to-end tech stack is crucial. If a borrower encounters any technical obstacles from application through the onboarding process, the risk of losing the lead to a competitor increases significantly.
Automation and streamlined processes address operational challenges: To process loans quickly and underwrite more efficiently, leveraging integrated services, embracing workflow automation, and utilizing document management for a paperless loan file eliminates many operational challenges. Systems that migrate borrower information from the point-of-sale to the loan origination system automatically reduce human error, decrease incidences of regulatory compliance issues, and speeds up prequalification, approvals, and processing times. Research from Finastra and East & Partners supports this takeaway, noting that lending process automation remains a major area for improvement, with significant room for growth in approvals, closing, origination, and servicing. 11% of respondents said they utilize automated approvals, while just 10% offer automated loan closing processes. Even fewer respondents have succeeded with origination and servicing automation, at 7% and 6% respectively.
Importance of readiness for increased loan applications: According to the Mortgage Bankers Association (MBA), the mortgage origination market is expected to improve by 19% to $1.95T in 2024, a rebound after the estimated 30% drop from 2022 to 2023 and 50% fall from 2021 to 2022. While volume has significantly slowed, lenders must be ready for an uptick in applications, so they do not lose leads to competitors. Financial institutions can prepare by investing in scalable technologies, setting up parameters for automatic prequalification, focusing on personalized experiences, and building self-service portals for document management.
Section 1071 is looming, and financial institutions need to be ready: Although Section 1071 of the Dodd-Frank Act is currently wrapped up in ongoing litigation, borrowers and compliance experts agree preparation is important. Users throughout the series were polled and noted that banks and credit unions are paying close attention in order to train staff and align processes. Attendees agreed that since commercial lending practices are often challenging to implement, preparing early is critical should the litigation fail.
Supporting younger generations on their homebuying journey: According to a presentation from David Lykken, chief transformational officer at Transformational Mortgage Solutions, the typical American dream of home ownership has not gone away, but younger buyers are struggling to break into the market, noting that people aged 28-38 have only a 28.87% rate of home ownership. When rates decrease, an increase in this number is expected, but planning is important. Brian Bone, president and CEO at American Partners Federal Credit Union stated during a panel discussion, "My kids are very concerned about their ability to buy a home. We as an industry need to do everything we can to help them, whether that means credit coaching, down payment assistance, or other programs. This also includes ensuring we offer the best of both worlds – the human touch of financial services with a technology stack suitable for their needs."
Brian Bone added, "The User Connect series in Orlando was a valuable experience for me and my credit union. I learned a lot from Finastra's experts and partners. I also appreciated the opportunity to network with other financial institutions and share best practices. Finastra's User Connect series is a great event for anyone who wants to stay ahead of the curve in the lending industry."
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by more than 8,000 institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com
Capchase | December 06, 2023
Capchase, the revenue acceleration platform for Software-as-a-Service (SaaS) companies, today released Capchase Collect, an invoice collections tool for SaaS. Capchase Collect is the company's latest solution as part of its mission to help SaaS companies manage revenue, access non-dilutive capital, and accelerate growth. The tool was announced alongside a brand refresh for Capchase.
In the U.S., 49% of the invoices produced by a business for services become overdue, according to a 2022 industry report. The longer the collection process takes, the likelihood of a customer paying the invoice decreases. Capchase also found average days sales outstanding (DSO) for SaaS companies has increased by 20% in 2023, resulting in less working capital for the business to invest in growth. With macroeconomic uncertainty, companies are looking for more ways to increase their cash position and extend runways, making it ever more imperative to collect on invoices in a timely manner.
Businesses already experiencing a burden of overdue invoices, or want to enact a system to prevent falling behind, can expect cash flow to increase by a median amount of 34% per month using Capchase Collect. Capchase Collect automates the invoicing process by sending reminders and offering a system for easy re-payment to expedite revenue growth.
Effective revenue management is one of the fastest ways companies can strengthen their capital position. Capchase Collect is a transformative solution for SaaS founders, addressing the core challenge of securing revenue from customers in a consistent and efficient way. With Collect, we streamline the entire process - beyond just invoice generation—ensuring timely payments, reducing errors, and facilitating robust collaborations across departments. Our focus is on boosting cash flow predictability and empowering SaaS companies to harness their financial potential with ease.
Miguel Fernandez, co-founder and CEO of Capchase
The intuitive product, which connects directly into existing Capchase customer dashboards or can be accessed as a standalone tool, and integrates with accounting systems like Quickbooks and Xero, provides the following benefits to users:
A holistic and sortable view of accounts receivable balances including, total outstanding, upcoming, and overdue balances for buyers and unpaid invoices.
An overview of total aging balances to easily track past due payments.
Customizable emails for personalized notices based on customer and invoice status with the ability to automate and edit the frequency of reminders.
"Capchase Collect has proven to be a valuable addition to our financial toolkit, enhancing the way we handle our invoicing tasks," said Juan Sebastian Angel, COO at Audiense, an early Collect user. "It offers seamless integration with our existing systems, allowing us to automate and streamline our invoicing like never before. Collect has had a massive impact in unblocking cash sitting on receivables."
Capchase Collect joins Capchase Grow and Capchase Pay in the company's suite of tools for SaaS companies. Capchase's flagship product, Grow, has recently reached profitability, which has enabled the company to fund additional innovations to further its mission in accelerating revenue growth for SaaS companies.
Capchase Collect is available today for small- to- large size SaaS companies that want to automate their collection process and improve cash flow. To learn more about Capchase's revenue services for SaaS, visit www.capchase.com.
Capchase empowers B2B SaaS companies to grow faster through non-dilutive capital and revenue acceleration tools. Our capital solution, Grow, has made more than $2B in funding available to the SaaS industry. Our revenue management tools, Pay and Collect, help SaaS vendors sell more and collect cash faster. Founded in 2020 and headquartered in NYC, we've worked with over 5,000 businesses and partners to date. Capchase operates in 10 countries in North America and Europe, and was recognized as one of Fast Company's Most Innovative Companies and Forbes' Next Billion Dollar Startups in 2023. To learn more about Capchase, visit capchase.com.