MARKET MOVEMENT
GFT acquires Sophos Solutions from Advent International
Acquisition expands GFT ’ s core banking expertise and client base , also footprint and team by almost 20 %.
Global Digital Transformation pioneer GFT Technologies SE ( GFT ) have agreed to acquire 100 % of shares in Colombia-based core banking expert Sophos Solutions S . A . S . With Sophos , GFT advances to one of the top three banking IT services providers across Latin America and also increases its global delivery capability .
The purchase from Advent International , one of the largest and most experienced global private equity investors , is a clear sign of GFT ’ s continued focus on growth and profitability .
GFT is gaining a new stronghold for core banking solutions , AI and cloud modernisation , as well as additional partners and clients , which include Colombia ’ s most relevant financial institutions .
The company is increasing its presence to 20 countries , six of which are in Latin America : Brazil , Mexico and Costa Rica are now complemented by Colombia , Chile and Panama . The combined impact of both companies will result in GFT advancing to be a top three provider of IT services for banking across Latin America .
Thanks to Sophos ’ more than 1,700 employees , GFT ’ s global headcount will grow by almost 20 % to more than 12,000 . This is the largest number of talents ever added in a GFT acquisition . In 2022 , Sophos generated revenues of around 257 billion Colombian pesos ( currently around 60 million Euros ) and GFT reported over € 730 million Euros worldwide .
“ In this strategic acquisition , we ’ re not just merging companies ; we ’ re multiplying potential ,” said GFT CEO Marika Lulay . “ 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 .”
Sophos is especially renowned for its core banking , AI and cloud modernisation expertise , as well as innovation and Digital Transformation . GFT clients benefit from expanded delivery capacity and access to new expertise , including in solutions for core banking with Sophos ’ established partners . For Sophos ’ clients , the acquisition means access to the additional large GFT talent pool , extensive experience in successfully implementing next generation technology , more partners like Thought Machine and pre-built solutions .
“ We are proud to have partnered with the entire Sophos team during a time of significant growth for the company ,” said Lucas Marulanda , Director at Advent International . “ Since our investment in 2020 , Sophos has strategically scaled its platform through international and regional expansion and continued to help drive significant technological transformation and modernisation across the financial industry . We look forward to following the company ’ s continued success .” •
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