As per the deal, Softtek can purchase the remaining 25% in Vector whenever it wants, and the Spanish firm will be branded as “a Softtek company” from January 2020, onwards.
All the 3,000 employees of Vector will join Softtek, and Vector’s CEO Carlos Delgado will take charge of leading Softtek’s operations in Europe.
Mexican press has reported that the merger will create a company with annual revenue of more than US$1 billion. Vector posted US$128 million in annual revenue last year and expects the figure to exceed US$150 million this year.
Billed as one of the most innovative IT companies in Europe, Vector allocates 5% of its revenue to innovation activities every year.
A few years ago, it was heavily dependent on Santander for much of its revenue, but today it has more than 400 active clients, says Carlos Delgado, CEO of Vector ITC.
In Spain, the IT company runs several technology labs dedicated to new technologies such as artificial intelligence.
“Our extensive sector experience, particularly in industries like financial services, retail, and tourism for key digital transformation processes, allows us to position ourselves as an expert company in these segments,” Delgado added.