Mexico-based digital transformation firm Softtek has acquired a 75 percent stake in Spanish technology consultancy Vector ITC. Financial terms were not disclosed. The duo has a large footprint across Europe, Latin America and the United States.
The companies apparently know each other well. The duo in April 2019 disclosed a partnership, at which time Softtek made a minority investment in Vector.
Softtek, founded in 1982, is the largest IT services provider in the Latin American region but its clientele spans the globe.
Vector ITC, founded in 2002 and consolidated under its current name in 2014, serves banking, retail, tourism and other vertical markets. In 2019, the company increased its client portfolio by 21 percent globally, with Europe and Latin America representing the most important markets.
Softtek Acquires Vector ITC: Executive Perspectives
Blanca Treviño, president and CEO of Softtek, commented on the deal:
“There is an entrepreneurial spirit in Vector that is very compatible with the culture, vision and origins of Softtek. We found the participation of their founding partners and current shareholders in the daily strategy and dynamics of the company compelling. It is an honor to add them to our team as executives and shareholders.”
Carlos Delgado, CEO of Vector ITC, added:
“Our extensive sector experience, particularly in industries like financial services, retail and tourism for key digital transformation processes allow us to position ourselves as an expert company in these segments. This is an important asset to Vector, which now as part of the Softtek family, will enable us to improve competitiveness of tools we can offer and expand our client portfolio.”
Beginning in January 2020, the acquired asset will be branded as Vector ITC, a Softtek Company.
Delgado will continue to lead the organization and assume the role of CEO of Softtek Europe, joining the executive committee and the group of Softtek shareholders worldwide.
The current CEO of Softtek Europe, Doris Seedorf, will remain a member of the Softtek executive committee under her new role as chief corporate development officer at the global level, the company said.
