GFT and G2 Systems have been working together since 2010 when they established the global “Smart Sourcing” of Geneva® – a new comprehensive, cost-efficient service for Geneva® implementation and support services. The partnership 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. G2 Systems has also already been working with some of GFT’s London-based clients. Christopher Ortiz, GFT UK’s Managing Director commented “Europe and the UK are clear growth targets for GFT following the acquisition of G2 Systems and we’re delighted to bring together the two teams”.
“We are excited about taking our alliance to the next level and becoming part of the GFT Group, a services provider that is very well 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 specialise in services connected with the software solution Advent Geneva, a portfolio management platform for Alternative Investment firms, and TaxGopher, a deployed software solution developed specifically for the analysis of wash sales. G2 earned the status of Advent’s “Premier Consulting Partner” for Geneva and “Alliance Partner” for TaxGopher®. 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 specialised niche competencies, G2 Systems fits perfectly to us. There is great potential in the growing investment banking 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 organisations. 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 COO Marika Lulay.
By acquiring G2 Systems’ consulting services with a revenue target of approximately USD 4 million, GFT expects to reach total annualised 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 Group
The GFT Group, headquartered in Stuttgart, Germany, is an international provider of innovative IT solutions and IT-based new business concepts. As a strategic IT partner, GFT supports its clients in the optimisation 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 customised IT solutions. Ulrich Dietz founded GFT in 1987 and is now CEO and principal shareholder of the Group which, in 2010, achieved revenues of around €248 million. It has 1,300 employees at locations in seven countries. (www.gft.com)