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HomeAIGFT cultivates core banking capabilities with acquisition of Colombia’s Sophos Solutions

GFT cultivates core banking capabilities with acquisition of Colombia’s Sophos Solutions

Date:

  • GFT Technologies Acquisition:
    • GFT Technologies is set to acquire Sophos Solutions, a Colombian core banking vendor, from Advent International.
    • The deal is expected to be completed early next month, and financial terms have not been disclosed.
    • GFT will acquire 100% of Sophos’ shares and take on all partners and 1,700 employees, increasing its headcount by 20% to 12,000.
  • GFT’s Business Expansion:
    • GFT, headquartered in Stuttgart, Germany, focuses on digital finance, enterprise AI, data solutions, platform and mainframe modernization, and the internet of things.
    • The acquisition aligns with GFT’s strategy for growth and profitability, expanding its presence in 20 markets worldwide, particularly in Latin America.
  • Latin American Market Presence:
    • GFT, already active in Brazil, Mexico, and Costa Rica, will now include Colombia, Chile, and Panama in its footprint.
    • The acquisition positions GFT as a top three provider of IT services for banking in the Latin American region.
  • Sophos Solutions and Expertise:
    • Sophos, headquartered in Bogotá, is known for its financial core solution, focusing on treasury functions, assets and liabilities, credit cards, digital banking, brokering, and investment funds.
    • GFT expects the acquisition to enhance its capacity to deliver core banking and leverage increased technological expertise.
  • GFT’s CEO Perspective:
    • Marika Lulay, CEO of GFT, sees the acquisition as having “multiplying potential” and describes all aspects of the purchase as “highly valuable.”
    • The move is expected to result in high traction for GFT in Colombia, offering exponential growth opportunities in the Americas and beyond.

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