GFT is to acquire 100% of the shares in Colombia-based core banking outfit Sophos Solutions. As a result of the deal, GFT becomes one of the largest three banking IT service providers across Latin America. The deal also increases its global delivery capability. According to GFT, the acquisition from private equity investor, Advent International, highlights GFT’s continued focus on growth and profitability.

GFT says that it is gaining a new stronghold for core banking solutions, AI and cloud modernisation. The deal brings with it additional partners and clients, including 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.

GFT grows total FTEs to more than 12,000

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 FTEs ever added in a GFT acquisition.

The transaction is expected to be completed in early February 2024. In 2022, Sophos generated revenues of around COP257bn ($65m). GFT reported over €730m ($790m) 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.”

Clients benefit from expertise in core banking, AI and cloud modernisation

GFT says that Sophos is renowned for core banking, AI and cloud modernisation, as well as innovation and digital transformation. GFT clients benefit from expanded delivery capacity and access to new expertise. This includes solutions for core banking with Sophos’ established partners. For Sophos clients, the deal brings access to GFT’s talent pool. It also incorporates extensive experience in successfully implementing next generation technology. And it brings more partners like Thought Machine and pre-built solutions.

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“For everyone at Sophos, it is a great opportunity to become part of GFT,” added Sophos CEO Felipe Villa. “I see a perfect fit with combined expertise and global presence of Sophos and GFT. This will enable us to even better support our clients on their digital transformation journey. That is great news for our employees and their career development, as well as for our clients. We are grateful to Advent for taking our company to the next level.”