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GFT Technologies SE — M&A Activity 2011
Oct 11, 2011
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M&A Activity
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Corporate | 11 October 2011 10:57
GFT Technologies AG: GFT continues international growth strategy with acquisition of G2 Systems’ consulting services
GFT Technologies AG / Key word(s): Acquisition
11.10.2011 / 10:57
Services portfolio for financial industry extended with addition of top-class consulting for alternative investment companies
New York, 11 October 2011 – GFT Technologies AG (GFT) today announced the acquisition of G2 Systems' consulting services division, a specialist in the provision of premier IT consulting services for alternative investment companies. GFT has thus extended its portfolio with the addition of services for Geneva(R), a leading portfolio management platform. 'Investment Management is one of the largest growth markets in the financial sector today. With this acquisition, we will be able to meet the demand of financial institutions for comprehensive services. Our delivery model with nearshore and offshore delivery centers in Brazil and Spain will allow us to deliver those services to customers in a flexible and cost-efficient way,' states GFT's COO Marika Lulay. 'At the same time, the acquisition enables us to expand our client base in the United States and establish the basis for further growth in the important US market.'
GFT and G2 Systems have already been collaborating since 2010 when they established the global 'Smart Sourcing' of Geneva(R) – a new comprehensive, cost-efficient service for Geneva(R) implementation and support services. The cooperation allowed both companies to exploit the synergies between G2 Systems' extensive on-site expertise and GFT's global delivery capabilities and profound knowledge of the financial sector.
'We are excited about taking our alliance to the next level and becoming part of the GFT Group, a services provider that is excellently positioned in the international market. The integration of G2 Systems' consulting services into GFT's delivery model will enable us to offer our outstanding services at a highly attractive price – and that is exactly what financial institutions are calling for,' says Ruban Selvakumar, COO of G2 Systems.
Founded in 2005, G2 Systems is committed to the delivery of dynamic processing systems. G2 consultants with extensive financial as well as technological expertise specialize in services connected with the software solution Advent Geneva(R), a portfolio management platform for alternative investment firms, and TaxGopher(R), a deployed software solution developed specifically for the analysis of wash sales. G2 earned the status of Advent's 'Premier Consulting Partner' for Geneva(R) and 'Alliance Partner' for TaxGopher(R). G2 Systems' services range from consulting services for Investment Management platforms to the development, implementation and support of tax compliance, regulatory and data warehouse software solutions. The GFT acquisition will only include the service assets of G2 Systems, whose clients include numerous US-based investment banks. G2 Systems was advised in this transaction by Innovation Advisors, a technology-focused investment bank.
'With its highly specialized niche competencies, G2 Systems fits perfectly to us. There is great potential in the growing Investment Management market and we aim to benefit from this development. The acquisition will provide us with a fast-track option to building a substantial presence in the United States by leveraging our Brazilian and Spanish delivery organizations. The USA is a growth market for GFT. Last year, we doubled revenues there. We now want to continue along our growth path,' says GFT's COO Marika Lulay.
By acquiring G2 Systems' consulting services, GFT expects to reach total annualized revenue of around USD 12 million for 2011 in the United States and will employ more than 20 people in New York and Boston. The two companies have agreed not to disclose the purchase price.
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About GFT:
The GFT Group, headquartered in Stuttgart, Germany, is an international provider of innovative IT solutions and services. As a strategic IT partner, GFT supports its clients in the optimization of their business processes through intelligent IT systems and specialists and thus sustainably improves their competitive positions.
GFT is among the world's leading IT service providers in the financial services sector. The company combines established technology experience with a wide range of industry expertise, in order to develop, implement and maintain customized IT solutions ( Services division).
GFT recruits and places IT freelancers across a range of industries and locations. It also oversees the complete management package for its clients. The basis for this is a worldwide reserve of experts, consisting of over 180,000 freelance IT specialists ( Resourcing division).
Ulrich Dietz founded GFT in 1987 and is now CEO and principal shareholder of the Group which, in 2010, achieved revenues of around EUR248 million. It has over 1,300 employees at locations in seven countries. The GFT share is listed on the Frankfurt Stock Exchange (Prime Standard: WKN 580 060, GEX).
Contact:
Andrea Wlcek
Director Global Marketing, Media & Investor Relations
GFT Technologies AG
Filderhauptstraße 142
70599 Stuttgart
Germany
T +49 711 62042-440
F +49 711 62042-301
www.gft.com
End of Corporate News
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| Language: | English |
| Company: | GFT Technologies AG |
| Filderhauptstr. 142 | |
| 70599 Stuttgart | |
| Germany | |
| Phone: | +49 (0)711/62042-0 |
| Fax: | +49 (0)711/62042-301 |
| E-mail: | [email protected] |
| Internet: | www.gft.com |
| ISIN: | DE0005800601 |
| WKN: | 580060 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
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