Brazilian software maker CI&T has acquired British digital agency Somo, gaining wider access to deep-pocketed European multinationals, including the likes of Audi, Skoda, Siemens, and Virgin Media.
Founded in 2010, Somo employs around 300 professionals and runs delivery centers in the United States and Colombia as well.
Given Somo’s large roster of clients, the acquisition paves the way for the Brazilian firm to grab a larger slice of the European market for digital transformation services.
Somo is still led by its founders, Nick Hynes and Carl Uminski, and is one of the fastest-growing technology firms in Britain.
This was in fact a major factor that drove Ci&T to acquire the digital agency. Somo reported net revenue of US$34 million for 2021, a staggering 41% increase from the previous year.
Ci&T went public in November 2021, raising nearly $200 million in market capitalization. This is the company’s first acquisition after listing shares on the New York Stock Exchange, an indication that more such acquisitions would come in the days to come.
Cesar Gon, co-founder and the CEO of Ci&T, made it clear to a Portuguese news outlet that his company would accelerate growth through acquisitions.
“Somo and CI&T have a similar culture – people first, innovation-driven, and a strong reputation with global brands. Together we will be able to combine the power of a global company with the strength of a strong European player,” Gon said in a press release.