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5 After Midnight finished third-place on The X Factor in December AFP/Getty

X Factor boy band, 5 After Midnight have become the latest act to sign to Simon Cowell's Syco record label, giving the show's impresario another project to focus on as One Direction continue their hiatus.

The three-piece band, who finished third-place in the ITV competition's 12th series, confirmed the news and revealed plans to return to the studio and start recording their own material.

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In a statement released to The Sun, the group said: "We are super excited about this! Can't wait to get our music to you guys." Band member Jordan Lee added: "To say we are part of a roster that includes artistes like One Direction and Little Mix is just incredible."

Explaining why 5AM are the perfect fit for Syco, a label source also said: "There is no better label for them. If anyone knows how to find success with a boy band, it's Simon Cowell. Syco has an incredible team of songwriters at their disposal to work on amazing hits for the band."

5AM, which also consists of Nathan Lewis and Kieran Alleyne, missed out on claiming the title after losing out to eventual winner Matt Terry and runner-up Saara Aalto.

The r'n'b group developed a friendship with Cowell, 57, while appearing in the competition and one band member told IBTimes UK about their impressions of the X Factor judge in September: "He's softer now and I really do think that's because he has a child."

Honey G
5 After Midnight will compete with Honey G who has also signed to Simon Cowell's Syco AFP/Getty

After making it to the semi-finals, 5AM widened their fan base and attracted plenty of attention from the show's young audience. Revealing how they were coping with life in the spotlight, the group added: "It's overwhelming but as it gets closer to time, we'll get used to it. We've just got to focus on ourselves rather than get dragged into the competition. We're just focused on what we're doing and trying to bring something new to the table."

5AM will now go up against Syco labelmate Honey G, who has also signed a contract with Cowell's imprint. However, she has struggled to make an impact post-X Factor with her debut single The Honey G Show tanking on the UK charts at number 149.

Earlier in January, it was revealed that Cowell had sold a larger share of Syco to Sony Music for a cool £86m ($105m) after both companies extended their deal by an additional six years.