GFT Technologies agrees to acquire Sophos Solutions

By acquiring Sophos Solutions, GFT receives additional core banking solutions, artificial intelligence (AI), and cloud capabilities, as well as partners and clients, including some of Colombia’s financial institutions. Moreover, the company can extend its presence to 20 countries, with six of them being in Latin America, including Brazil, Mexico, Costa Rica, Colombia, Chile, and Panama. By merging both companies’ abilities, GFT intends to advance its position in the IT services for the banking sector across the region.  The acquisition also brings 1,700 employees to GFT’s base, resulting in a global headcount increase of approximately 20% to more than 12,000. The press release also mentions that the transaction is projected to be completed at the beginning of February 2024.

According to GFT’s officials, the strategic acquisition supports the company’s objectives for expansion and profitability, as it brings additional workforce, competencies, clients, and partners for core banking solutions. The acquisition enables GFT’s clients to receive expanded delivery capacity and access to additional knowledge, including solutions for core banking with Sophos’ partners. On the other hand, Sophos’ clients gain access to GFT’s talent pool, experience in implementing technology, partners, such as Thought Machine, and pre-built solutions. By combining these capabilities, the two companies aim to provide decreased time to market and effective service delivery for all clients.

Representatives from Advent International, a global private equity investor, stated that Sophos Solutions has scaled its platform through international and regional expansion while continuing to support the growth of technology across the financial industry. Sophos Solutions underlined that the acquisition combines both companies’ expertise and global presence, resulting in improved support for clients on their digital transformation journey.

By using technology, GFT intends to enable clients to increase their productivity with intelligent software solutions, with the company focusing on digital finance, enterprise AI and data solutions, and platform modernisation. GFT’s capabilities include an ecosystem of partners, industry expertise, as well as technological abilities. Currently, the company operates in more than 15 markets around the world, aiming to ensure proximity to its clients.

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