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