Argentine software and technology developer Globant is considering acquiring more businesses after picking up firms in Europe and the US earlier this year, CEO Martín Migoya told LatinFinance.
Much of the M&A activity will stem from the desire of start-ups to join Globant to scale up their businesses, he said in an interview. The result is that the Buenos Aires-based company has “a big pipeline” of potential acquisitions around the world, including in Europe and the US, he added.
“Globant has become an attraction for entrepreneurs that need to go to the next phase with their company,” Migoya said. “They have taken their companies to spectacular levels, but for the next stage they need a more solid platform.”
Migoya declined to say when a new deal could close but said it could be “soon.”
In May, Globant acquired France-based technology company Pentalog, a maker of technology solutions and products for digitally native organizations in industries including education, finance, gaming, sports and travel.
That followed the purchase of Vertic, a Copenhagen- and New York-based creative consulting firm focused on the life science and business-to-business segments, and US-based digital transformation consultancy ExperienceIT, which is focused on health and life sciences. In April 2022, Globant bought Montevideo-based GeneXus, which operates a low-code software platform for businesses to create and run apps.
Founded in 2003, Globant went public in 2014 with a $58.5 million initial public offering in New York and earned another $302 million in a follow-on offering in June 2018.
Migoya said Globant plans to finance any new acquisitions for the most part with cash, given that the company doesn’t have any debt.
In August, the company said it will invest $1 billion through 2028 to boost its reach in Latin America, with a focus on artificial intelligence and other emerging technologies. The company has more than 27,000 employees in 25 countries.