Pressure to Digitalize Banks Spurs Growth Of GFT

Strong demand for group’s expertise in modern cloud-native banking software

  • Strong revenue growth in 2022, upgraded guidance reached: +29 percent to EUR 730.14 million
  • Significantly improved earnings: EBT +65 percent, adjusted EBITDA +33 percent
  • Diversification across sectors and clients continued: Insurance sector +44 percent, Industry & Others +21 percent; further growth in core market Banking: +27 percent
  • Administrative Board proposes dividend increase of 29 percent to EUR 0.45 per share (previous year: EUR 0.35)
  • Guidance 2023: growth set to continue; revenue of EUR 850 million, adjusted EBIT of EUR 80 million and EBT of EUR 72 million expected
  • GFT grew revenue by 60 percent in the USA

STUTTGART, Germany & NEW YORK–(BUSINESS WIRE)–A wave of modernization is sweeping through the banking world. In a 2021 study1) by Gartner®, 28 percent of the respondents reported making major replacements to their core banking systems, and 30 percent reported making phased replacements in the past 12 months, or will do over the next two years. In replacing their systems, more and more banks are switching to the latest generation of core banking systems that run in the cloud.

GFT Technologies SE (GFT) benefits from this development in two ways: the Group has made a name for itself with its expertise in state-of-the-art core banking systems and cloud computing. GFT also generated disproportionately strong growth with its clients in the insurance and industrial sectors. This constellation led to highly dynamic and profitable growth for the IT group over the course of 2022: revenue rose by 29 percent, EBT by 65 percent and adjusted EBITDA by 33 percent.

GFT outpaces market growth

“Clients from all sectors want to partner with us for their digital transformation. They know you need a reliable helmsman for such a journey,” says Marika Lulay, CEO of GFT. “Our strong sector focus, our extensive expertise with cloud-based applications and our close partnerships with all major cloud infrastructure and solution providers have proven to be decisive time and again. We act as one team and are thus able to mobilize our global capabilities for the respective client situation – which is why we have once again grown significantly faster than our market.”

Marco Santos, CEO Americas at GFT added: “American banks, insurers and manufacturers that made early investments in digitalization have reached a turning point in their digital journeys, and they’re now seeing the impacts of those investments on their businesses. GFT’s growth in the USA over the past year is due in large part to these companies illustrating what’s possible with digital and cloud-based infrastructures, and inspiring the next wave of digital adopters to move forward with them.”

Further revenue and earnings growth in 2023

The fundamental digitalization trends in GFT’s markets remain intact and the Group is excellently positioned to benefit from market opportunities thanks to its in-depth sector and technology expertise. The company therefore expects to grow in all segments during 2023 and to achieve further growth in revenue and earnings in the financial year 2023.

Compared to 2022, revenue is expected to grow by 16 percent to EUR 850 million. The GFT Group expects earnings before taxes to reach around EUR 72 million (2022: EUR 66 million), corresponding to year-on-year growth of 9 percent. Adjusted EBIT is expected to increase to around EUR 80 million (2022: EUR 67 million), 19 percent more than in 2022. This guidance takes into account the acquisition of targens GmbH, as announced on 23 February 2023, pro rata temporis as of 1 April 2023.

1) Gartner report “Core Banking Legacy Modernization to Enable Digital Business — What Works and What Doesn’t”, 27 January 2023

GARTNER is the registered trademark and service mark of Gartner Inc., and/or its affiliates in the U.S. and/or internationally and has been used herein with permission. All rights reserved.

This press release is also available for download via the GFT newsroom

About GFT – Shaping the future of digital business.

GFT is a digital transformation pioneer that develops sustainable solutions based on new technologies including artificial intelligence and blockchain/DLT. Services range from core system modernization and migration to open cloud platforms, as well as the introduction of carbon conscious coding.

GFT’s strengths include deep technical expertise, strong partnerships and comprehensive market insights. The company uses them to design digital transformation for clients from the finance and insurance sectors as well as the manufacturing industry. Through the intelligent use of technology it adds value and increases productivity for clients. GFT experts create and implement scalable software applications that make access to innovative business models safe and easy.

With locations in more than 15 markets around the globe, GFT ensures proximity to its clients. The company draws on over 35 years of experience and a team of over 10,000 determined experts. GFT provides them with career opportunities in the most innovative areas of software engineering. The GFT Technologies SE share is listed in the SDAX index of the German Stock Exchange (ticker: GFT-XE).



Dr Markus Müller

Group Public Relations

GFT Technologies SE

Schelmenwasenstraße 34

70567 Stuttgart


+49 711 62042-344

[email protected]

Katherine Lee

Head of Marketing GFT USA

GFT Technologies SE

261 Madison Avenue, 19th Floor

New York, NY 10016


T 1 516 402 2014

[email protected]


Andreas Herzog

Investor Relations

GFT Technologies SE

Schelmenwasenstraße 34

70567 Stuttgart


+49 711 62042-383

[email protected]

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