EPAM Buys Neoris in $630 Million Deal

In a major strategic move, global IT consultant EPAM Systems secured a US$630 million deal to acquire Neoris, one of Latin America’s top technology service providers.

Founded in 2000 by Mexican construction materials giant Cemex, Neoris serves over 400 clients across various industries, including manufacturing, banking and retail.

While Neoris has been in operation for more than two decades, its true growth trajectory began during the COVID-19 pandemic, when businesses accelerated their digital transformation efforts. In 2022, the company received a substantial investment from Advent International, fueling further expansion.

Headquartered in Miami, Neoris employs over 4,700 professionals, primarily in Latin America. The company specializes in digital strategy, data analytics, machine learning and AI, making it a major player in the global digital transformation space.

Through this acquisition, EPAM aims to strengthen its presence in Latin America while expanding its capabilities in cutting-edge technology areas.

“This combination will significantly enhance our footprint in LATAM while improving our services across Europe, India, and the Asia-Pacific region,” said Arkadiy Dobkin, CEO of EPAM.

Dobkin also emphasized that the deal aligns with EPAM’s focus on high-demand areas such as advanced data analytics and artificial intelligence.

The Neoris acquisition marks EPAM’s third major deal this year, following its purchases of Argentina-based software firm Vates S.A. in March and health sciences analytics company Odysseus Data Services in June.

EPAM has faced challenges in recent years, including operational setbacks due to the geopolitical crisis in Ukraine. Its stock price has declined 30% this year. Even with such pressures, the company has managed to remain profitable.

Neoris operates in six Latin American countries, including Argentina, Peru, Mexico, Brazil, Chile and Colombia. In addition, the company has delivery centers in the Czech Republic, Hungary and Spain.

EPAM’s Latin American operations were so far limited to Colombia, Mexico and the Dominican Republic.