GFT Technologies has acquired UK-based Rule Financial and all its international subsidiaries for an undisclosed sum.
According to the vendor, the transaction is intended to strengthen its position as an institutional service provider for the banking sector in Europe and North America. Rule Financial counts nine of the world’s top 10 investment banks among its client base.
GFT is expecting the acquisition to increase its H2 revenues to around €42 million and full year to approximately €352 million.
“The acquisition of Rule Financial will strengthen our position in the fast-growing capital markets sector,” says Ulrich Dietz, CEO of the GFT Group. “At the same time, we are also laying the foundations for much faster organic growth.
“By pooling our offerings, we can now provide an even more comprehensive portfolio of solutions for the banking sector – including the necessary business consultants and IT experts,” he adds. “We regard the move as a clear win-win situation for both companies. As a powerful innovation partner, we aim to shape the sector’s future together.”
In London, Rule Financial has 250 business and IT consultants, with a further 80 in New York, Boston and Toronto. It also has facilities in Poland, Spain and Costa Rica which employs 480 programmers, in addition to GFT’s development centres in Spain and Brazil which employs over 1,400.
GFT has had a presence in the UK since 2000 and in the USA since 2008. Rule Financial specialises in business consultancy, IT consultancy and IT services. Last year it generated revenues of £48.20 million in its financial year 2013.