Priya PatelTLDR:
– Global digital transformation pioneer, GFT Technologies SE, has agreed to acquire all shares in core banking expert Sophos Solutions S.A.S.
– The acquisition will make GFT one of the top three providers of IT services for banking in Latin America.
– The deal will also expand GFT’s delivery capability and add over 1,700 employees to its global headcount.
GFT Technologies has announced its acquisition of Sophos Solutions, a core banking expert based in Colombia. With this purchase, GFT will become one of the top three providers of IT services for banking in Latin America. The acquisition will also increase GFT’s global delivery capability and expand its presence to 20 countries, with Colombia, Chile, and Panama joining its Latin American portfolio. The deal will add over 1,700 employees to GFT’s workforce, marking the largest number of talents ever added in a GFT acquisition. The transaction is expected to be completed in early February 2024.
Sophos Solutions is known for its core banking, AI, and cloud modernization expertise, as well as its innovation and digital transformation capabilities. GFT clients will benefit from an expanded delivery capacity and access to new expertise in core banking solutions. Sophos Solutions’ clients, on the other hand, will have access to GFT’s extensive talent pool and experience in implementing next-generation technology. The acquisition will allow both companies to better support their clients on their digital transformation journeys.
The acquisition of Sophos Solutions is part of GFT’s strategy for growth and profitability. It will provide GFT with new partners and clients, particularly in Colombia’s financial industry. GFT CEO Marika Lulay sees the acquisition as a multiplication of potential, as it combines the expertise and global presence of Sophos and GFT. The acquisition is seen as a logical step in GFT’s strategy to expand its presence in Latin America and increase its global impact.
This acquisition is a clear sign of GFT’s commitment to growth and profitability and demonstrates its continued focus on expanding its presence in key markets. With the addition of Sophos Solutions, GFT will have a stronger position in Latin America and will be able to offer enhanced services to its clients. Overall, this acquisition will position GFT as a leading provider of IT services for banking in the region.
