Berytech Fund and BSynchro, an Information Technology service firm, have announced their strategic partnership under the patronage and in the presence of H.E. Mr. Nicolas Nahas, Minister of Economy & Trade. This took place on October 31st, 2011 in a lunch conference under the theme “Spearheading Innovation in Insurance”, that gathered media partners and top tier industry specialists in the Four Seasons Hotel.

This partnership will give BSynchro the opportunity to steadily advance in terms of innovation, new technology and end-user experience to improve the way of doing business in Lebanon and beyond. It also specifically aims to support insurance businesses with innovative & interactive business solutions.

Mr. Maroun Chammas, Chairman of the Berytech Fund, said, “The Berytech Fund is delighted to be able to enlarge its portfolio with such an up and coming ICT company. This investment is undoubtedly a fantastic opportunity to consolidate BSynchro's position as a reengineer of innovative ICT solutions in the insurance sector, across the MENA region. The presence of H.E. Minister Nicolas Nahas in such an event not only underscores his Ministry's support to economic and investment growth, but also sends a positive message to other investors.”

Commenting on this partnership, Mr. Michel Chammas, CEO of BSynchro, said: "We are proud today to announce this partnership with a fund that shares with us the same faith and vision. Together we believe that from the same shore that exported the alphabet to the world thousands of years ago, Lebanon can continue exporting innovation and can be a leading player in the ICT world."

As for Minister Nicolas Nahas, he declared, “What we are witnessing today is a success story; however unfortunately we are also experiencing a decrease in our economy’s growth. It is true that banks and financial institutions are willing to provide the necessary funding, but on the other hand there are no clients due to the lack of an entrepreneurship spirit and of entrepreneurs.”

He added, “There is so much to be changed in terms of commercial laws. The current system which is enforced today puts a lot of pressure on the way business is done. This is why we should work on reducing the cost of business through working on high added-value operations.” He also indicated that, “Globalization means we should think of the global market and in each unit, ingredient and corner within in. This is what ‘BSynchro’ has done in order to be able to export its products.” He concluded by stating that the insurance sector will be the next shining star in developing the economy.

BSynchro started up from Berytech six years ago, and has grown from five to forty employees. Through this investment, the company will consolidate its leading position in highly effective and specialized business software, ranging from business intelligence, to process management, to real time decision support, right up there at the intersection where insurance meets cutting edge innovation.