GFT acquires Rule Financial 27 June 2014Stuttgart Reporter: Stephen Durham
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GFT Technologies AG has signed an agreement via its subsidiary, GFT UK, to acquire the UK-based company Rule Financial and all its international subsidiaries. The parties agreed not to disclose the acquisition price.
The transaction strengthens the GFT Group’s position as one of the leading IT service providers for the banking sector in Europe and North America.
The GFT Group has been represented by its local office in the UK since 2000 and in the USA since 2008. Founded in 1997, Rule Financial offers services for investment banks in both countries as well as in the rest of Western Europe and North America, with its main focus on business consultancy, IT consultancy and IT services.
“In this sector, the GFT Group is one of the few listed family businesses with strong German roots. The acquisition of Rule Financial will strengthen our position in the fast-growing capital markets sector,” says Ulrich Dietz, CEO of the GFT Group.
“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. 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.”
Marika Lulay, COO of the GFT Group and responsible for the GFT division, said: “We see further strong growth potential in the field of investment banking. A raft of new regulation in the UK and US is forcing all market participants to make radical adjustments to their processes and IT systems.”
“We are an attractive employer with highly skilled business specialists and IT experts who can guarantee a top-quality and punctual implementation of these complex IT projects, using innovative technologies and methods.”
In London, Rule Financial has 250 business and IT consultants, with a further 80 in New York, Boston and Toronto. The Rule Financial nearshore facilities in Poland, Spain and Costa Rica provide 480 programmers, who will complement GFT’s development centres in Spain and Brazil, which currently have over 1,400 experts.
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