EPAM Announces Agreement to Acquire NEORIS
Rhea-AI Summary
EPAM Systems, Inc. (NYSE: EPAM) has announced an agreement to acquire NEORIS, a global advanced technology consultancy. This acquisition will expand EPAM's delivery capabilities in Latin America and Europe and increase client value across key industries. NEORIS, headquartered in Miami, has over 4,700 professionals across major talent hubs in Latin America, Spain, and the U.S.
The acquisition is expected to strengthen EPAM's presence in LATAM and enhance its delivery capabilities across Europe, India, and APAC. It will create a market offering for clients across Latin America and in Spanish- and Portuguese-speaking markets. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of 2024.
AI-generated analysis. Not financial advice.
Positive
- Expansion of EPAM's delivery capabilities in Latin America and Europe
- Addition of 4,700 professionals to EPAM's workforce
- Enhancement of EPAM's presence in LATAM and Spanish/Portuguese-speaking markets
- Broadening of global and nearshore delivery capabilities across North America and Europe
- Potential for increased client value across key industries
Negative
- None.
News Market Reaction – EPAM
On the day this news was published, EPAM gained 2.64%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The acquisition will expand EPAM's delivery capabilities in
NEORIS specializes in delivering complex digital engagement and transformation projects for clients in the
"NEORIS' commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us," said Arkadiy Dobkin, CEO & President at EPAM. "This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across
The addition of NEORIS will create a market offering for clients across
"We are thrilled about the opportunities this acquisition brings. Partnering with EPAM allows us to lead the global digital transformation wave while continuing to deliver exceptional technology solutions to our clients," said Martin Mendez, CEO of NEORIS. "Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio."
"Cemex founded NEORIS more than 20 years ago and led it to become a global leader in technology consultancy," said Fernando Gonzalez, CEO of Cemex. "We are proud of its track record and the role it has played in Cemex becoming an industry pioneer in digital technologies. We look forward to continuing our collaboration with the newly combined team. This transaction is part of Cemex 's efforts to focus on its core businesses and aligns with our ongoing acquisitions and portfolio rebalancing strategy."
NEORIS and Cemex expect to continue partnering to further Cemex's leadership in providing a superior customer experience through digital technologies.
Advent has significant experience and knowledge in the Business Services industry, having invested in 90 companies worldwide. This investment marked Advent's fifth in the IT services space.
To learn about career opportunities at EPAM, visit www.epam.com/careers.
Details Regarding Proposed Acquisition of NEORIS
The acquisition is subject to customary closing conditions, including the receipt of necessary regulatory clearances, and is expected to close in the fourth quarter of 2024. Orrick is serving as legal advisor to EPAM and Simpson Thacher & Bartlett; Creel, García-Cuéllar, Aiza y Enríquez; Martínez, Quintero, Mendoza, Gonzáles, Laguado, & De la Rosa; DLA Piper; Freshfields Bruckhaus Deringer; and Pérez-Llorca are serving as legal advisors to NEORIS and its shareholders, and Canaccord Genuity is serving as its financial advisor.
About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients' transformation challenges by focusing EPAM Continuum's integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients' time to market and drive greater value from their innovations and digital investments.
We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.
We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people's lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services as well as a leader in the 2024 Gartner® Magic Quadrant™ for Custom Software Development Services, Worldwide.*
Learn more at www.epam.com and follow us on LinkedIn.
* Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About NEORIS
NEORIS is a leading global digital accelerator, with more than 20 years of experience, which helps companies and organizations around the world to take the leap towards innovation, through the design and implementation of disruptive and sustainable solutions so that they can develop their activities in a more efficient and a competitive way.
Headquartered in
To learn more, visit www.neoris.com or LinkedIn.
About Cemex
Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.Cemex.com.
About Advent
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in 420 private equity investments across 43 countries, and as of December 31, 2023, had
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
*Assets under management include assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
Forward-Looking Statement
This press release includes certain statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Such forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, the closing of the Acquisition, which may not close on the terms or timing anticipated, or at all, the satisfaction or waiver of any conditions to the closing of the Acquisition, the anticipated impacts or benefits of the Acquisition, developments relating to the war in
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SOURCE EPAM Systems, Inc.