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GFT Group acquires UK-based business and IT consultancy Rule Financial
|By Business Wire
|June 26, 2014 07:15 AM EDT
GFT Technologies AG today signed an agreement via its subsidiary, GFT
UK Limited, to acquire the UK-based company Rule Financial Limited 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. Rule Financial’s clients
include nine of the world’s ten leading investment banks. With over 800
people around the world, including round about 660 permanent employees
(FTE), the company generated revenues of GBP 48.20 million in its
financial year 2013, with earnings before interest, taxes, depreciation
and amortisation (EBITDA) of GBP 2.17 million and earnings before taxes
(EBT) of GBP 1.25 million.
“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. “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. 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.”
The GFT division of the GFT Group offers IT solutions for the banking
sector – which is divided into retail and investment banks. Over the
past few years, GFT has already enjoyed strong growth in its business
with investment banks. With the addition of Rule Financial, GFT is now
represented equally in both sub-sectors. Marika Lulay, Chief Operating
Officer 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 USA is forcing all market
participants to make radical adjustments to their processes and IT
systems. As their trusted partner, we are ready to help. 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. “This further strong expansion of our
nearshore capacities means we can ensure the fastest possible and most
cost-effective implementation of IT projects in the relevant client’s
respective time-zone,” adds Marika Lulay. Following the acquisition of
Rule Financial, the GFT Group’s headcount (FTE) now amounts to
approximately 3,000 staff.
Chris Potts, Chief Executive Officer of Rule Financial said: “We are
very proud to now be part of the GFT Group. There were many potential
suitors for the firm, but our management team was soon convinced that
GFT was the best fit for us – and vice versa. The location of our
various offices, our nearshore capacities, client relationships,
solutions offered and organisational structure all fits together like a
jigsaw, and multiplies our opportunities. This transaction is clearly
based on growth in all areas – which will also benefit all our
Following the acquisition, the GFT Group expects additional revenues in
the second half of 2014 of around 42 million euros. As a result, the GFT
Group’s expected revenues for financial year 2014 have increased to
around 352 million euros.
The GFT Group is a global technology partner for future digital issues –
covering everything from discovering innovation to developing and
implementing sustainable business models.
Within the GFT Group, GFT stands for competent consulting and
reliable development, implementation and maintenance of customized IT
solutions. The company is one of the world’s leading IT solutions
providers in the banking sector.
emagine offers companies the opportunity to staff their strategic
technology projects both quickly and flexibly with capable experts. To
achieve this, emagine has an international network of highly
qualified IT and engineering specialists at its disposal.
CODE_n, the GFT Group’s innovation platform, offers international
startups, technology pioneers and established companies’ access to a
global network. It’s where ideas become business.
Headquartered in Germany, the GFT Group has stood for technological
expertise, innovative strength and outstanding quality for over 25
years. Founded in 1987, the GFT Group achieved revenues of more than
€260 million in 2013. With a global team spanning 2,300 employees, the
company is represented in eight countries at 32 locations. The GFT Group
is listed on the Frankfurt Stock Exchange (Prime Standard).
About Rule Financial:
Rule Financial is a leading independent provider of business and IT
services to the world’s foremost financial institutions. Our specialists
work alongside their counterparts at leading investment banks, central
counterparties, exchanges, asset managers and other financial
institutions, helping to lower costs, improve productivity and extract
the maximum business value from IT investments. Headquartered in London,
we provide strategic consultancy from our offices located at the heart
of the European and North American financial markets, and deliver
technical design, implementation and support services from nearshore
facilities in Poland, Spain and Costa Rica.
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