German tech giant GFT Technologies has struck a deal to acquire Colombia-based IT firm Sophos Solutions, the Stuttgart-based company confirmed to QA Financial today.
Although GFT declined to disclose any financial details, a spokesman in Germany said “the purchase price is based on a company valuation of $95 million and will be financed through the extension of existing credit lines and own funds.”
He stressed the takeover is aimed at expanding GFT’s footprint across Latin America.
By acquiring Sophos Solutions, GFT gets a foothold in some of the region’s largest IT banking markets, including Brazil, Mexico, Panama, Chile and Colombia.
“This move aligns with GFT’s ambition to bolster its banking IT services across the region and enhance its global delivery model,” the spokesman shared with QA Financial.
Client productivity
GFT Technologies primarily focus on leveraging technology to increase client productivity through software solutions, enterprise AI, data solutions, platform innovations and digital finance solutions.
Currently, the 35-year old German company has a presence in around 15 markets around the world via a network of local parnters and subsidiaries.
“By integrating Sophos Solutions into its operations, GFT not only acquires new capabilities in core banking, artificial intelligence and cloud technologies but also benefits from a broader client and partner base.”
GFT spokesman
He highlighted that this includes collaborations with various Latin American banks and other financial institutions.
As a result of the deal, 1,700 staff will be added to GFT’s global workforce, an increase of about 20%.
“This acquisition underpins GFT’s strategic objectives for growth and profitability, enhancing its service offerings in core banking solutions and providing both GFT’s and Sophos’ clients with improved access to a wider talent pool, technological expertise, and pre-built solutions,” the spokesman continued.
“As a result, clients can expect reduced time-to-market and more efficient service delivery. With a commitment to driving the growth of technology within the financial sector, both companies are poised to offer support for digital transformation initiatives to their global clientele,” he concluded.
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