gft group acquires the spanish it services company adesis netlife sl

GFT Group acquires the Spanish IT services company Adesis Netlife S.L.

  • Adesis is specialised in IT services for financial institutions and adds expertise in digital banking
  • GFT Group continues its dynamic growth path and extends its presence in Spain and Latin America
  • The acquisition adds 273 qualified professionals to the 3,400 employees of GFT

Stuttgart, 28 July 2015 – GFT Technologies AG today signed an agreement via its subsidiary GFT Iberia Holding S.A.U. to acquire Adesis Netlife S.L. (Adesis) and its subsidiaries. Adesis provides IT services and consulting for the development of integrated digital solutions with a special focus on the financial sector. Especially in the segment of digital banking, Adesis will expand GFT’s activities as well as its expertise. Furthermore, this transaction strengthens the GFT Group’s market position in Spain – both in the number of professionals it employs and the client services it offers. The acquisition will also boost GFT’s expansion in Latin America by adding a new development centre and clients in Mexico. The parties have agreed not to disclose the acquisition price.

Founded in 1999, Adesis is an IT services company with a comprehensive service portfolio in the fields of development and integration of internet and mobile-based solutions, as well as digital marketing and communication services. The company has completed over 600 projects for major companies in Spain, especially in the banking and insurance sector. The client portfolio also includes companies from other sectors such as energy and health. For over 15 years now, Adesis has accompanied large and medium-sized corporations through their technological and digital innovation processes. The company develops integrated digital projects with its own technology, based on deep expertise in strategy definition, development, implementation as well as measurement and analysis of results.

"Adesis boasts five years of sustained growth with good profitability. With its strong expertise in the banking and insurance sector Adesis is an excellent fit for GFT and supports our growth strategy,” says Ulrich Dietz, CEO of the GFT Group.” In its financial year 2014, the company generated revenues of EUR 13.39 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 2.30 million. Revenues for 2015 are expected to grow by 20 Prozent to almost EUR 16 million. GFT expects the acquisition to add around EUR 7 million to revenues. Due to purchase price allocations and integration costs, Adesis will presumably not make any appreciable contribution to GFT Group profits in 2015.

Adesis has a workforce of 204 people in Spain and 69 in Mexico. The acquisition raises the GFT Group’s headcount to approximately 3,700, thereof 1,600 in Spain. Adesis marks the entry of GFT into Mexico and will extend GFT’s presence in Latin America with development centres in Brazil and Costa Rica.

GFT’s Chief Operating Officer, Marika Lulay, explained that “Adesis will provide GFT with further access to clients, especially those based in Madrid, and will also add large and leading Spanish banks and insurance companies to the GFT client portfolio in Mexico. We see enormous business opportunities as the service portfolio of Adesis in the field of web technology and digital marketing is a perfect supplement to our offerings.”
According to the Managing Director of GFT Spain, Carlos Eres, “Adesis will ideally complement the services we offer at our Centre of Competence for Digital Banking. The digital revolution in the retail banking area creates outstanding opportunities for our business. Together, we will become a leading supplier of digital banking solutions in the European market.”

Manuel Lavín, managing director at Adesis, said: “Since our company was founded, we have experienced outstanding growth. With GFT we have found an ideal partner to offer a complete range of services globally and to expand our capacity to deliver larger projects. Our technologies and services complement each other perfectly.”