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GFT Group to buy Rule Financial
26 June 2014
Acquisition to bolster GFT Group’s position in capital markets sector
GFT Group is to acquire business and IT consultancy Rule
Financial in a landmark deal that will strengthen the group's
standing as one if the top IT firms for the banking industry.
The acquisition will include all of UK-based Rule Financial's
international subsidiaries. The firms did not disclose the
price of the acquisition.
GFT Group CEO Ulrich Dietz said the acquisition of Rule
Financial would strengthen its position in the 'fast-growing'
capital markets sector.
"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."
Founded in 1997, Rule Financial provides services for
investment banks in Europe and North America, focusing mainly
on business consultancy, IT consultancy and IT services. The
firm can count nine of the world's ten leading investment banks
as its clients.
While Rule Financial has focused on investment banking, while
GFT's services are divided among retail and investment banking.
"We see further strong growth potential in the field of
investment banking, said Marika Lulay," chief operating officer
of the GFT Group and responsible for the GFT division. "A raft
of new regulation in the UK and USA is forcing all market
participants to make radical adjustments to their processes and
Following the acquisition, GFT will have around 3,000 employees
and expects additional revenues in the second half of 2014 of
around €42m ($57m).
Chris Potts, CEO of Rule Financial, added: "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 employees."