Banking tech consultant and integrator Sofgen to be absorbed into Tech Mahindra
Sofgen, a Switzerland-based IT consultant and integrator in the financial services and banking space, is undergoing major organisational restructuring.
As a result, it will be completely absorbed into its parent, Tech Mahindra, Banking Technology understands.
India-based Tech Mahindra acquired Sofgen in 2015 for $29 million. Sofgen’s senior management and 450+ staff formed an autonomous unit within the new parent and significantly boosted Tech Mahindra’s activities in the BFSI vertical.
However, it is soon to be autonomous no more. The future of Sofgen as a brand is unclear at present.
Sofgen’s long-standing CEO, Andre Israel, will leave the company at the end of September this year. Banking Technology understands no regional management positions are being made redundant.
Sofgen’s projects include system selections at Isbank in Germany (the bank opted for the Avaloq core banking system) and PCFG in the UK (Temenos’ T24 was selected); T24 implementations at Bermuda Commercial Bank, Persia International Bank, Harrods Bank and Central Bank of Somalia; the roll-out of Avaloq Banking Suite at Barclays Wealth; and the integration of the former Barclays’ Asian wealth/investment management business into Bank of Singapore.