GFT Technologies Acquires Colombian Fintech Sophos Solutions
Leading global digital transformation and IT services provider GFT Technologies has announced it is set to acquire Colombia-based core banking fintech Sophos Solutions.
The move to acquire Sophos comes amid GFT’s aim to expand its core banking expertise and client base. By acquiring Sophos, GFT will increase its team footprint by 20% too, also making it a top three banking IT services provider in LatAm.
What's more, GFT Technologies says its Sophos move will increase its global delivery capabilities.
Sophos was previously owned wholly by Advent International, the global private equity investment firm. That GFT was able to acquire the Colombian fintech from a VC giant like Advent is a testament to the IT services provider’s growth and profitability in recent years.
GFT: Building a stronghold for core banking solutions
Indeed, GFT’s move to acquire Sophos comes as part of a recent strategy to grow its core banking solution, AI and cloud modernisation offerings, as well as to expand its partner and client base globally.
GFT is increasing its presence to 20 countries, six of which are in LatAm. Aside from Colombia, GFT is securing growth in Brazil, Mexico, Costa Rica, Chile and Panama.
By acquiring Sophos, GFT has added its most ever talent at once from a single acquisition; its headcount now stands at over 12,000 employees.
GFT CEO Marika Lulay says: “In this strategic acquisition, we're not just merging companies; we're multiplying potential.
“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: Accessing a talent pool
For Sophos, the acquisition represents access to a larger talent pool, leveraging GFT’s extensive experience in implementing next-gen technology and access to its pre-built solutions.
The benefits of being a GFT-owned company mean Sophos can launch products with a shorter time to market, improving the effectiveness of its services delivery to clients.
Sophos CEO Felipe Villa Murra adds: “For everyone at Sophos, it is a great opportunity to become part of GFT. I see a perfect fit with the combined expertise and global presence of Sophos and GFT.
“This will enable us to even better support our clients on their digital transformation journey – 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.”
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