GFT boosts core banking with Sophos Solutions deal – FinTech Futures.

TLDR: GFT Technologies, an IT services provider, has announced that it will acquire Colombian core banking vendor Sophos Solutions from UK-based private equity firm Advent International. The acquisition is expected to be completed in early February, and GFT will take ownership of 100% of Sophos’ shares and will also absorb all of its partners and employees. This acquisition will increase GFT’s headcount by 20% to 12,000. GFT offers software solutions in digital finance, AI, data, platform modernization, and IoT, and the acquisition of Sophos expands its presence in Latin America, making it a top provider of IT services for banking in the region. Sophos’ financial core solution focuses on treasury functions, assets and liabilities, digital banking, and more, which is expected to enhance GFT’s core banking capabilities. GFT’s CEO, Marika Lulay, expressed excitement about the acquisition and its potential for growth in Latin America and beyond.