The company GFT Technologies SE (GFT) has acquired 100% of shares in the Colombian company Sophos Solutions S.A.S., an expert in core banking. By merging with Sophos, GFT becomes one of the top three IT service providers for the banking sector in Latin America, while also strengthening its ability to implement global projects. The purchase from Advent International, one of the largest and most experienced investors in the private equity sector, clearly signals GFT’s continued focus on growth and profitability.
GFT is opening up to new opportunities in core banking solutions, AI, and cloud modernization, as well as to new partners and customers, including the most important financial institutions in Colombia. The company is expanding its presence to 20 countries, six of which are in Latin America: Brazil, Mexico, Costa Rica, and now Colombia, Chile, and Panama. The combined impact of both companies allows GFT to advance to the position of the top three IT service providers for banking in all of Latin America.
Thanks to over 1,700 Sophos employees, global employment in GFT will increase by almost 20%, to 12,000 people. This is the largest growth in talent numbers in GFT’s acquisition history. The transaction is expected to be finalized by February 2024. In 2022, the company Sophos generated revenues of around 257 billion CO (currently about 60 million euros), while GFT recorded global revenues of 730 million euros.
As part of this strategic acquisition, not only are we combining companies but also multiplying their potential – says Marika Lulay, CEO at GFT. This is a logical continuation of our successful growth and profitability strategy. Every aspect of Sophos is very valuable to us. From new colleagues, through new competencies, to new customers and partners in the field of core banking solutions, such as Oracle Flexcube. All of this provides a driving force for GFT in Colombia, the third largest market in Latin America, and offers development opportunities across the Americas and beyond.
Sophos is particularly well-known for its expertise in core banking, AI and cloud modernization, as well as digital innovation and transformation. GFT clients will gain access to increased implementation capabilities and new competencies, including in the area of core banking solutions from Sophos’ longstanding partners. For Sophos customers, the acquisition means access to GFT’s extensive talent pool, extensive experience in effectively implementing modern technology, a larger number of partners such as Thought Machine as well as ready-made solutions. All of this translates into a shorter time-to-market and effective service delivery for all customers.
We are proud to have partnered with the entire Sophos team during their significant development – emphasizes Lucas Marulanda, Director at Advent International. Since our investment in 2020, Sophos has strategically expanded its platform through international and local expansion, supporting technological transformation and modernization across the financial sector. We look forward to following their future successes.
Becoming part of GFT is a great opportunity for the entire Sophos team – adds Felipe Villa, CEO at Sophos. I see a perfect fit of combined experience and global presence of Sophos and GFT. This will enable us to even better support our customers on their journey to digital transformation – this is great news for both our employees and their career development, as well as for our customers. We are grateful to Advent for taking our company to the next level.
