- About GFT
- News
- GFT press releases
- GFT expands: IT group acquires targens from LBBW
GFT expands: IT group acquires targens from LBBW
IT group strengthens itself by adding expertise in the fast-growing fields of compliance and digital innovation
Acquisition of targens completed
targens management strengthened, integration to be completed by the end of the year
Stuttgart, 23 February 2023 – GFT Technologies SE (GFT) is acquiring 100% of shares in targens GmbH, an expert consultancy for banking, compliance and digital innovation, from Landesbank Baden-Württemberg (LBBW). With total assets of €282 billion and 10,000 employees (as of 31 December 2021), LBBW is one of the largest banks in Germany and has 17 international offices in 16 countries worldwide. The transaction is subject to antitrust approval and is expected to be closed in early Q2 2023.
In 2021, targens generated revenue of €44.0 million with around 300 experts at 4 locations in Germany and Austria. GFT generated revenue of €55.7 million in the German market with a workforce of over 400 at 7 locations in 2021.
Additional expertise in consulting and compliance
The acquisition will not only benefit GFT’s core business in the financial industry, the company will also gain additional expertise in the fields of consulting and compliance solutions. GFT will be able make targeted use of the outstanding consulting skills of targens' experts to drive forward new client projects. For targens, the takeover represents an opportunity as its expertise is in high demand on the global market – and GFT has the global footprint to leverage this potential.
targens is also known for the successful software product Smaragd Compliance Suite, a specialist software solution for compliance. The company’s clients include 7 of the 10 largest German banks. The software is also already being used by targens customers outside the DACH region (Germany, Austria, Switzerland) in an additional 56 countries.
The importance of compliance and regulation for businesses is growing fast: between 2008 and 2020, the number of reported regulatory events around the world increased by 671 percent. Solutions such as Smaragd Compliance Suite help companies to combat criminal activities and avert damage.
This business combination will enable existing clients of targens and GFT to coordinate the digital transformation of their processes and systems – from core banking systems and distribution channels to compliance and regulatory issues – even more effectively and obtain more from a single source.
Strengthening the German and international business
“GFT Germany and targens are significantly stronger together than our two companies are individually. We look forward to welcoming our new colleagues,” says Volker Fischer, General Manager GFT Germany. “For our clients, this represents a further strengthening of the value proposition from their trusted partner.”
“targens and GFT are a perfect fit,” adds Marika Lulay, CEO of GFT. “The outstanding consulting expertise and solutions business of targens will also enable us to take a further step towards one of our strategic goals – to expand our product business and generate more recurring revenue.”
“targens has made good progress under the LBBW umbrella,” emphasises Rainer Neske, CEO of LBBW. “We are confident that in GFT we have found a buyer who will further develop the company and offer a new perspective for the dedicated targens team.”
“targens and GFT are a perfect fit. The outstanding consulting expertise and solutions business of targens will also enable us to take a further step towards one of our strategic goals – to expand our product business and generate more recurring revenue.”
Download
-
GFT expands: IT group acquires targens from LBBW
GFT Technologies SE (GFT) is acquiring 100% of shares in targens GmbH, an expert consultancy for banking, compliance and digital innovation, from Landesbank Baden-Württemberg (LBBW). The transaction is subject to antitrust approval and is expected to be closed in early Q2 2023.