American software developer with Belarusian roots EPAM Systems announced an agreement to acquire Neoris, an IT service provider in Latin America. The transaction amount is $630 million, and its closing is expected in the fourth quarter of 2024 after receiving the necessary regulatory approvals.
Founded in 2000 by Mexican building materials giant Cemex, Neoris serves more than 400 clients in a variety of industries including manufacturing, banking, telecommunications and retail. The company provides services in areas such as digital experience, engineering, data analytics, machine learning, AI, digital strategy, etc.
Image source: Neoris
Although Neoris has been in business for more than two decades, its strongest growth began during the COVID-19 pandemic as clients accelerated their digital transformation. In 2022, Neoris received significant investment from Advent International. Neoris is headquartered in Miami (Florida, USA), and employs more than 4,700 professionals.
The sellers of Neoris are funds managed by Advent International. Advisors on the transaction include Orrick, Simpson Thacher & Bartlett, Creel, García-Cuéllar, Aiza y Enríquez, Martínez, Quintero, Mendoza, Gonzáles, Laguado, & De la Rosa, DLA Piper, Freshfields Bruckhaus Deringer, Pérez-Llorca and Canaccord Genuity .
With this acquisition, EPAM intends to strengthen its presence in Latin America. Neoris operates in six countries in the region – Argentina, Peru, Mexico, Brazil, Chile and Colombia. In addition, this company has centers in the Czech Republic, Hungary and Spain. To date, EPAM’s activities in Latin America have been limited to Colombia, Mexico and the Dominican Republic.