German IT giant GFT acquired Bogota-based Sophos Solutions, a key vendor of core banking solutions, cloud services and automation tools.
This acquisition expands GFT’s reach to three new countries in Latin America.
Sophos was founded in Colombia in 2006 by a group of innovators from India to provide software solutions to financial institutions.
After its acquisition by Advent International in 2020, the fintech saw rapid growth. It generated revenues of around US$65 million for 2022, according to GFT’s statement.
Today, Sophos employs more than 1,700 people across six countries, including the US, Mexico, Colombia, Chile, Panama and India. Most of its clients are banks and other financial services providers.
With the integration of Sophos, GFT’s headcount leaps 20% to 12,000, marking the largest talent acquisition in the company’s history. This combined workforce now boasts in-depth knowledge of diverse financial institutions, from investment funds to digital banks and asset management specialists.
This acquisition comes at a crucial time as the demand for core banking technology solutions surges across Latin America, fueled by the post-pandemic digital banking boom.
While financial details remain undisclosed, legal sources estimate the purchase price at US$95 million.