GFT Technologies Acquires Colombian Firm Sophos Solutions from Advent International

German digital services provider GFT Technologies recently acquired Sophos Solutions, a Colombian firm that provides IT and other services to the banking sector, from US private equity investment firm Advent International.

“In this strategic acquisition, we’re not just merging companies — we’re multiplying potential.”

– Marika Lulay, CEO of GFT

This marks the largest-ever acquisition for the Stuttgart, Germany-based firm in terms of headcount, and GFT stated in an announcement that its main objective was to expand its banking expertise, customer base, and geographical reach in Latin America.

The acquisition adds some 1,700 workers from Sophos to the more than 10,000 employed by GFT.

Sophos Solutions, which had revenues of more than 250 billion Colombian pesos in 2022 and maintains clients and partners that include “Colombia’s most relevant financial institutions,” per GFT, will add to the regional presence the company already has in Brazil, Mexico, Chile, Panama, and Costa Rica.

“In this strategic acquisition,” said GFT CEO Marika Lulay, “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 Finastra.

“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,” added the chief executive.