IT company EPAM has announced the acquisition of NEORIS, a global consulting company that helps various companies digitise their businesses. The deal amount was not disclosed.
The sellers were funds managed by Advent International, a large private equity firm, and Cemex, a global building materials company.
The acquisition of NEORIS is said to create a market offering for customers in Latin America and the Spanish and Portuguese-speaking markets, as well as expand EPAM's global and coastal delivery capabilities in North America and Europe.
“This combination will significantly strengthen our presence in the LatAm region, while we continue to expand our differentiated supply capabilities in Europe, India and Asia Pacific,” said Arkady Dobkin, CEO and President of EPAM.
The companies now have to obtain the necessary regulatory permits. The deal is expected to be closed in the fourth quarter of 2024.
More about NEORIS
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Headquartered in Miami, NEORIS has more than 4,700 employees in Latin America, Spain, and the United States. The firm specialises in digital engagement and transformation projects for clients in the Americas and Europe across a variety of industries.
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The team leverages software development and technology consulting expertise in a variety of areas: engineering, SAP, data, analytics, ML and AI, interactive UX, digital strategy, and enterprise architecture.
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Cemex founded NEORIS over 20 years ago. The companies plan to continue their cooperation.
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AIN reminds that EPAM's revenues in the second quarter decreased by $23.6 million, which is 2.0% less than in the same period last year and amounted to $1.147 billion.
