Update: Rule Financial is a neat fit
GFT Group announced last week that it has acquired Rule Financial, a UK-based provider of consultancy and IT services to investment banks. Strategically, the deal is important as it significantly broadens the group’s customer base, with Rule serving nine of the 10 largest investment banks globally. Most of these banks are not currently GFT customers. Further, it adds near-shore centres in Costa Rica and Poland, serving North America and Europe respectively, and strengthens the solutions business’s management team. On our estimates, the deal boosts FY15 EPS by 17%, as the group swings from net cash into a net debt position.GFT Technologies is a provider of Information Technology (IT) services for the finance sector. Co. is engaged in the development, implementation and maintenance of IT solutions for the finance sector. Its services include advising financial institutes on the development and realization of company-wide IT strategies, the implementation and maintenance of bank-specific standard software, and the development of applications tailored to specific clients and sectors, and it focuses on the maintenance and further development of business-critical core processes. With the aid of its Global Delivery Model, this division supplies its range of solutions to the core markets of Europe and the Americas.
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