visimoney
TLDR:
IT services provider GFT Technologies has announced plans to acquire Colombian core banking vendor Sophos Solutions from private equity firm Advent International. GFT will gain 100% ownership of Sophos and will absorb all of the company’s partners and employees. The acquisition will expand GFT’s presence in Latin America and position the company as a top provider of IT services for banking in the region. Sophos is known for its financial core solution, which focuses on treasury functions and other areas of banking. GFT expects the acquisition to enhance its core banking capabilities and technological expertise.
IT services provider GFT Technologies has agreed to acquire Sophos Solutions, a Colombian core banking vendor, from UK-based private equity firm Advent International. The acquisition is set to be completed in February, although financial terms have not been disclosed. GFT will take ownership of 100% of Sophos’ shares and will also acquire all of the firm’s partners and 1,700 employees. The acquisition will increase GFT’s headcount by 20% to 12,000. GFT, headquartered in Stuttgart, Germany, provides software solutions for digital finance, enterprise AI, platform modernisation, and internet of things. The company is actively expanding its presence in Latin America and the acquisition of Sophos will strengthen its position in the region. Sophos is a leading provider of financial core solutions, including treasury functions and digital banking, and is headquartered in Bogotá, Colombia. The acquisition will enhance GFT’s core banking capabilities and provide increased technological expertise. GFT already has a presence in Brazil, Mexico, and Costa Rica, and with the acquisition of Sophos, it will expand its footprint to include Colombia, Chile, and Panama. The company aims to become a top provider of IT services for banking in the region. The acquisition is part of GFT’s strategy to focus on growth and profitability and increase its presence in key markets.
