Globant Acquires Brazilian Consultancy Iteris

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Dec 28, 2023, 16:15 ET

Headquartered in São Paulo, Iteris brings a talented group of professionals together with an impressive portfolio of digital transformation projects

NEW YORK, Dec. 28, 2023 /PRNewswire/ -- Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced the acquisition of Iteris Holding Ltda., a Brazilian business and technology consultancy focused on delivering digital transformation. This acquisition enhances Globant's current operations in Brazil by adding top local digital capabilities and an impressive client roster.

Globant Acquires Brazilian Consultancy Iteris

Founded in 2009 in São Paulo, the Iteris team includes over 600 top professionals that develop end-to-end solutions across several industries, such as payments & banking, manufacturing, communications, education, retail, and healthcare for some of the strongest brands in Brazil, such as Fiserv, PagBank, Julius Baer, Nubank, Nutrien, Globo, C&A, Reckitt, and Heineken, among others.

"We are thrilled to welcome the Iteris team to the Globant family. We're taking big steps in Brazil as we believe in the potential of this market and this acquisition will involve significant growth to our operations in that country. This expansion is an example of our commitment to the region and its technological landscape to continue offering a top-notch portfolio of services and products to keep reinventing businesses," said Martín Migoya, Co-Founder and CEO of Globant.

"We are proud of the successful track-record of Iteris in these last years. We have consistently delivered high-quality services to our beloved clients. We are sure that Globant is the best partner to take our company to the next level, not only for them but also for our colleagues. As from today, there will be more unique reinvention opportunities for all," said Fernando Riva, Co-founder of Iteris.

During these 14 years, Iteris has been recognized as a leader for three consecutive years in the Agile Application Projects and Application Quality Assurance quadrants of the Next-Gen ADM Services study provided by ISG Provider Lens™.

"Brazil is one of the top bets for Globant in Latin America. Globant already enjoys a strong presence in key industries and will now be able to enhance its local teams with great digital transformation projects and new teams of expert specialists," said Ignacio Iglesias, Chief Business Officer in Latin America at Globant, based in São Paulo.

"Both organizations are united by a common commitment to assisting clients in their digital transformations and contributing to the improvement of the world. We share a mutual passion for fostering a robust culture that upholds the highest standards of diversity, inclusion, and equality principles. Without a doubt they are the perfect partner to continue expanding Globant's footprint in Brazil," said Martín Umaran, Co-Founder and Chief Corporate Development Officer of Globant.

Looking Forward Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The expectations related to the businesses of Globant and Iteris may differ from their actual results and consequently, you should not rely on these forward looking statements as predictions of future events. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will", "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions. These forward-looking statements include, without limitation, expectations with respect to the anticipated benefits of this acquisition. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of Globant and Iteris and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the risk that disruption from the transaction materially and adversely affects Iteirs's business and operations; (2) Globant's ability to recognize the anticipated benefits of this acquisition, (3) costs related to this acquisition, (4) Globant's ability to successfully grow Iteris' business; (5) potential adverse reactions or changes to business relationships resulting from the announcement and completion of this acquisition; (6) the ability of Globant to retain and hire key Iteris employees; (7) changes in applicable laws or regulations, (8) the demand for Iteris' services together with the possibility that Iteris may be adversely affected by other economic, business, and/or competitive factors; and (9) other factors discussed under the heading "Risk Factors" in our most recent Form 20-F filed with the Securities and Exchange Commission and any other risk factors included in subsequent reports on Form 6-K. Because of these uncertainties, you should not make any investment decision based on these forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

About Globant

We are a digitally native company that helps organizations reinvent themselves and unleash their potential. We are the place where innovation, design, and engineering meet at scale.

We have more than 27,500 employees, and are present in 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.
We were named a Worldwide Leader in AI Services (2023) and Worldwide Leader in CX Improvement Services (2020) by IDC MarketScape report.
We stand among the top 100 fastest-growing companies in the world (2023) according to Fortune.
We were also featured as a business case study at Harvard, MIT, and Stanford.
We are active members of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.

Contact: [email protected]

SOURCE Globant