Globant Acquires ExperienceIT to Expand Its Footprint in North America and Boost Its Healthcare Offering

Rhea-AI Summary

Globant (NYSE: GLOB) has announced its acquisition of ExperienceIT, a U.S.-based digital transformation consultancy specializing in healthcare services, to enhance its North American footprint. This strategic move opens Globant's first office in Minneapolis, a significant hub for healthcare and life sciences. ExperienceIT, founded in 2014, brings over 200 professionals and a strong client base, including top U.S. healthcare companies. The acquisition aims to improve service offerings and accelerate digital transformation for clients, leveraging Globant's expertise across various industries. With this deal, both firms expect to drive innovation and growth in the digital services market, especially in AI and advanced technologies.

Positive

• Acquisition enhances Globant's service offerings in North America.
• Opens first office in Minneapolis, capitalizing on healthcare opportunities.
• ExperienceIT brings a strong client base and skilled professionals.
• Potential for synergies and broader solutions for healthcare clients.
• ExperienceIT's 'Catalyst Program' aligns with Globant's growth strategies.

Negative

• Integration challenges may arise post-acquisition.
• Potential risks in realizing anticipated benefits from the acquisition.

News Market Reaction – GLOB

-0.54%

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-0.54% News Effect

On the day this news was published, GLOB declined 0.54%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ExperienceIT is a U.S.-based digital transformation consultancy with a diverse array of services and deep expertise in healthcare

Globant will now have a new office in Minneapolis, MN, home of nation-wide leading Health and Life Sciences organizations

MINNEAPOLIS, April 24, 2023 /PRNewswire/ -- Globant (NYSE: GLOB), a digitally native technology services company, announced today that it has acquired ExperienceIT, a U.S.-based digital transformation consultancy with a diverse array of services and deep expertise in healthcare, to expand its services in North America, adding a robust team of highly skilled consultants and an impressive client roster. ExperienceIT offers its clients design, delivery, advisory, and agile training services in connection with end-to-end digital transformation projects related to customer service experience, M&A integration, IT modernization, and digital optimization, among other areas. 

With this acquisition, Globant opens its first office in Minneapolis, Minnesota, one of the biggest hubs for healthcare, life sciences, and advanced manufacturing in North America. It also strengthens its ability to accelerate digital and cognitive transformation for some of the most beloved brands in the United States and Canada.

Founded in 2014 and headquartered in Minneapolis, Minnesota, ExperienceIT has more than 200 professionals serving top U.S. players in the healthcare industry as well as 40+ top companies in other sectors. Similarly to Globant, ExperienceIT brings along extensive training and development initiatives under its "Catalyst Program," which offers next-generation talent robust practical experience and mentoring early in their consulting careers. The "Catalyst Program" also provides unique opportunities for the neurodiverse community.

Through the acquisition, ExperienceIT will become an even better partner for its clients as it boosts its ability to scale its services. Additionally, it will be able to offer clients a broader array of solutions to enable their growth plans. For example, ExperienceIT's extensive portfolio of healthcare clients will benefit from the proven best practices Globant has built for leading organizations in the retail, hospitality, media and entertainment sectors, among other industries. 

"We are excited to welcome ExperienceIT to our Globant family to continue scaling our services with clients across North America. Both organizations share the same passion and drive to support organizations to unleash innovation, reach new levels of success, and reinvent themselves and their industries through digital transformation," said Martín Migoya, Co-Founder and CEO of Globant. "We are witnessing a huge paradigm shift driven by AI, and our expertise will allow us to keep surprising our clients with the best experiences as we grow our presence in the region."

"Since ExperienceIT's founding, we have remained passionate about creating a culture that inspires both our employees and customers to envision and pursue transformative results. I am confident that Globant is the best partner to continue developing our unique set of values, while providing a stronger and more unified service experience at scale. We are proud of ExperienceIT's people, progress, and achievements, and look forward to seeing the new heights we reach for our employees and customers together with Globant," said Per Lagerback, Founder and CEO of ExperienceIT.

Per Lagerback will remain with Globant along with his partners and colleagues. ExperienceIT's employees will progressively integrate to Globant's processes and tools where they will benefit from new job opportunities on thousands of projects in 25+ countries across several industries.

"ExperienceIT has achieved great levels of growth in North America with a clear vision. We were impressed by their strong relationships with leading companies in key industries for Globant, such as healthcare and life sciences. We share the same innovative vision, so together we will be able to keep expanding these and other offerings to create successful digital transformations," said Martin Umaran, Co-Founder and Chief Corporate Development Officer of Globant.

"This acquisition progresses our expansion within the U.S., including the opening of our first office in the diverse and talented Minneapolis market. Globant will continue to boost the organic growth of ExperienceIT's customers, which have a strong presence in the healthcare space, among other industries, and with emerging technologies like AI and VR/AR, perfectly complementing our growth strategy in North America," said Nicolas Kaplun, Chief Business Officer North America of Globant.

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 27,000 employees and we are present in 25 countries and 5 continents working for companies like Google, Electronic Arts and Santander, among others.
• We were named a Worldwide Leader in CX Improvement Services by IDC MarketScape report.
• We were also featured as a business case study at Harvard, MIT, and Stanford.
• We are a member of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.

Contact: pr@globant.com 

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For more information, visit www.globant.com.

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 ExperienceIT 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 ExperienceIT 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 ExperienceIT'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 ExperineceIT's 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 ExperienceIT employees; (7) changes in applicable laws or regulations, (8) the demand for ExperienceIT's services together with the possibility that ExperienceIT 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.

 

 

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SOURCE Globant

FAQ

What is the purpose of Globant's acquisition of ExperienceIT?

The acquisition aims to enhance Globant's service offerings and expand its footprint in North America, particularly in the healthcare sector.

Where is the new office established by Globant after acquiring ExperienceIT?

Globant has established its first office in Minneapolis, Minnesota.

How many professionals does ExperienceIT employ?

ExperienceIT employs over 200 professionals.

What industries will Globant and ExperienceIT focus on after the acquisition?

They will primarily focus on the healthcare and life sciences industries, along with leveraging opportunities in digital transformation across various sectors.

What are some expected benefits of the acquisition for Globant's clients?

Clients can expect broader service offerings, enhanced digital transformation capabilities, and proven best practices from Globant's diverse industry expertise.