Mexican technology group Softtek has bought the 75% from technology consultancy Vector ITC.

The Spanish company will be integrated into it for its European expansion with Madrid as its hub.

The Mexican giant Softtekspecialising in IT services, has acquired Vector ITC, a technology consultancy based in Madrid.

Softtek is thus consolidating its position as a major global digital solutions player, with a strong presence in Latin America, the United States and now Europe.

FUTURE FULL INTEGRATION

Although the economic terms of the purchase have not been made public, it has been revealed that the transaction has been done in cash, with new multiples, and in line with market prices.

In addition, under the agreement, the Mexican multinational will have an option to purchase the remaining 25% from the Spanish company.

At this point, it should be noted that the aim is to fully integrate the two companies, creating a global digital services giant.

It has been assured that both staffs will be maintained in full, and thanks to this union, and to the more than 3,000 employees that Vector ITC brings, a total of more than 15,000 professionals will be added to the workforce.

OBJECTIVES OF THE AGREEMENT

With this buyBoth companies are pursuing a number of objectives:

• A broader portfolio of digital solutions
• Deeper consultative capacity in various sectors
• Increased support and presence in both the Americas and Europe

They also seek to achieve a better chance of attracting and retaining talent.

POSITIONS

As part of the acquisition, Carlos Delgado, currently CEO of Vector ITC, will continue to lead the organisation until a new organisational structure is decided.

However, he also assumes the role of CEO of Softtek Europe, and joins Softtek's executive committee and shareholder base globally.

Doris Seedorf, the former CEO of Softtek Europe, will accompany the integration process and remains a member of Softtek's executive committee.

He will do so in a new capacity as Chief Corporate Development Officer globally.

GETTING TO KNOW SOFTTEK

Currently, Softtek is one of the largest IT services companies based in Latin America.

It has an extensive track record in digital solutions and a recognised ability to deliver global services.

Founded in 1982, this large group helps to reduce the costs of existing applications as well as deliver better designed applications.

With a turnover in excess of EUR 1 billion, it wants to establish itself as an IT solutions company in Europe.

Spain is the first springboard to achieve this.

WHO IS VECTOR ITC?

The Spanish technology group Vetor ITC is a digital technology and services provider.

Cuhas a long track record in the design and implementation of technological solutions. especially in the banking, retail and tourism sectors..

It supports its customers from the beginning of their technology transformation to the end of the process.

Its innovative digital solutions enable them to meet their business objectives in an efficient and cost-effective manner.

As of this January, it will be renamed: "Vector ITC, a Softtek Company".

SANTANDER GROUP

It is worth mentioning that Vector ITC belonged to the Santander group, although it ended up completely exiting its shareholding in 2018.

Back in 2012, the financial institution sold 52% of the technology consultancy's shares to a group of professionals from the Spanish sector.