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 IT systems.”
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.”