The global leader in digital transformation, GFT Technologies SE has acquired Sophos Solutions S.A.S., a Colombia-based core banking specialist, to continue its leadership worldwide. This reflects a strategic shift that places GFT among the top three providers of banking IT services in Latin America and builds upon its global delivery capabilities. The deal negotiated by Advent International serves as an undeniable proof of the steady growth and stability that GFT has been striving for.
GFT acquiring Sophos Solutions: What next?
In addition to advanced competence in core banking solutions, AI, and cloud modernizations, as well as the growth of client lists encompassing some major organizations within Colombia’s financial industry, this acquisition will also bring much more by aiding GFT. This brings the GFT’s footprint to a grand total of 20 countries, covering Brazil, Mexico, Costa Rica, Chile, and Panama. The merging of both companies will make GFT among the strongest IT services firms to serve banking in Latin America.
The purchase of Sophos does not come without a major boost in manpower for GFT. With more than 1,700 new employees joining the GFT team of workers in different parts of the world, the volume will increase by about 20% to over twelve thousand. This is GFT’s biggest talent acquisition ever. The transaction, which will be wrapped up in early February 2024.
During 2022, Sophos generated revenues of approximately 257 billion Colombian pesos (60 million Euros), contributing to GFT’s overall revenue of over €730 million Euros worldwide.
GFT’s CEO takes on the acquisition
GFT CEO Marika Lulay said — “In this strategic acquisition, we’re not just merging companies; we’re multiplying potential. It is a logical continuation of our successful strategy for growth and profitability. All aspects of Sophos are highly valuable to us. From the new colleagues, new competencies, and new clients to the new partners for core banking solutions, such as Oracle Flexcube. All this results in high traction for GFT in Latin America’s third-largest market, Colombia, plus exponential growth scope in the Americas and beyond.”
How will clients benefit from this acquisition?
Sophos is known to be a pioneer in its core banking, AI, and cloud modernization expertise, besides innovation and digital transformation. GFT customers have increased their delivery capacity and can access new expertise, such as those provided by Sophos’Sophos’ long-standing partners in solutions for core banking. Sophos’ clients now have an open door to the more developed large GFT talent pool, gained experience in integrating computer technology from a next-generation level, additional partner companies such as Thought Machine, and there are also pre-engineered solutions overall that reduce the time-to-market and improve service delivery for each client.
About GFT
GFT Technologies SE (GTF) is a leading global IT services and application development company that focuses on accelerating digital transformation for banking, insurance, and capital markets clients. The company, founded in 1987, has managed to become a reliable financial partner for some of the world’s giants. Located in Stuttgart, Germany, GFT employs more than 500 professionals who work on financial technology globally.
GFT is known for its full set of services, including consulting on digital strategy and business design, technology delivery, and application management. Their fields of practice include core parts in the field of finance, like retail banking, investment banking, and insurance. By concentrating on the new emerging technologies such as cloud computing, AI, and blockchain, GFT is in the leadership position of technological revolution in the financial field. The vision of this company is to assist its clients in fulfilling challenges posed by the digital world and enabling them to revolutionize processes, optimizing customer service standards while enhancing operational efficiency.