FD Gareth Corbishley: Synthesis experienced positive growth driven by Covid-19
Synthesis revenue is growing from the increased adoption of digital payment solutions during lockdown.
Capital Appreciation (Capprec), a financial technology enterprise, announced its results for the year ended 31 March 2020 with an increased revenue of 15.4 percent despite the challenging economic environment.
In a statement, the company said Covid-19, “an unprecedented economic disruptor”, has catapulted the adoption of digital payment solutions, and contactless payments as a basic feature of payments. “This is likely to continue after the pandemic.”
Specialised software and systems developer Synthesis comprises the software and services section of Capprec. According to the statement, the company has once again followed its established trend of substantial and increasing growth year-on-year with revenue increasing 41.5 percent, Ebitda increasing by 24.1 percent and profit after tax increasing by 12.8 percent.
“We have experienced positive growth in our Crypto & Payments, Academy and Big Data & Analytics divisions,” says Synthesis financial and commercial director Gareth Corbishley. “Our customers experienced tangible results, for example during this financial period our Big Data & Analytics division based on AI and machine learning has created an AI-based solution for Nedbank Insurance that has cleared its main client inbox 7.5 times faster.”
Like the rest of the company, the Synthesis finance team quickly adapted to working remotely by using collaborative tools to maintain their high levels of communication. “Finalising and external audit from start to finish whilst under lockdown has resulted in many lifelong learnings for both our team and our external auditors,” Gareth says. “Synthesis was fortunate enough to already be using the latest technologies to easily work remotely and to be able to service our clients remotely prior to the lockdown commencing. This has resulted in an easy transition with little to no change as we continued ‘business as usual’.”
Synthesis MD Michael Shapiro says that while Covid-19 and lockdown proved to be major unpredictable challenges, the team performed brilliantly by being prepared and organised in order to continue to work from home.
“We’ve also found that many SMEs now more than ever need the assistance of moving to the cloud to fully operate off-site,” he adds. “We spotted opportunities for providing our AWS Cloud and Digital services. Since the advent of Covid-19, our banking and financial services customers have expedited projects in these areas, where Synthesis is the beneficiary of this increase in demand. We continue to market these services offerings.”