US equity investor Advent International acquired a 65% stake in Neoris, gaining control of the Mexican IT services provider founded 20 years ago to develop technology solutions for the country’s cement giant Cemex.
Neoris will continue to serve Cemex but will expand operations elsewhere in the Americas with the goal of grabbing a larger slice of the Latin American IT services market, Advent said in a statement.
With new cash in its pocket, Neoris looks set to acquire smaller IT rivals in the region.
José ‘Lolo’ Longinotti, Global Managing Director at Neoris, told BNamericas that the company is looking to acquire IT firms in the United States. “We’ve been growing, but now we want to do it also in an inorganic way,” Longinotti said.
Although Neoris was founded to provide technology services to Cemex, it never limited its operations to the cement manufactuer. Today, Neoris accounts for 20% of Cemex revenue.
Based in Miami, Florida, Neoris has delivery centers in Argentina, Colombia and Brazil. Its client list includes the likes of Vodafone, Santander, BBVA, Chubb, Axxa, Dreyfus and Grupo Bunge.
Neoris’ services portfolio includes software development, IT consulting, custom application development and system integration.