DGAP-News: GFT Technologies AG / Key word(s): Acquisition
GFT Technologies AG: GFT continues international growth strategy with
acquisition of G2 Systems' consulting services
11.10.2011 / 10:57
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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.
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
andrea.wlcek@gft.com
www.gft.com
End of Corporate News
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11.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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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: Investor-Relations@gft.com
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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141908 11.10.2011
