Narayan AmmachchiArgentinean software powerhouse Globant acquired its Brazilian rival Iteris Holding, gaining significant access to deep-pocketed clients in the region’s largest economy.
With over 600 professionals, São Paulo-based Iteris specializes in digital transformation services, catering primarily to manufacturing and financial clients.
Iteris significantly enhances Globant’s presence in the Brazilian market, particularly within the banking sector. Its roster of clients includes Fiserv, PagBank, Julius Baer, Nubank, Nutrien, Globo, C&A, Reckitt and Heineken.
“We’re taking big steps in Brazil as we believe in the potential of this market, and this acquisition will involve significant growth to our operations,” stated Martín Migoya, Globant’s Co-Founder and CEO, following the announcement.
Founded in 2009, Iteris (in a similar way to Globant) champions agile software development methodologies. This strategic move comes just four months after Globant established a digital laboratory in São Paulo, pledging to fortify its presence in Brazil, a market it has inhabited for over a decade.
In August 2023, Globant launched its “Center for Innovation” in the city, promising to increase its local workforce from 1,200 to 5,000 within five years.
While Globant has made three prior acquisitions in Brazil (Avanxo, GA, and Nescara), its headcount growth has been modest. Avanxo stands out for bringing hundreds of tech professionals and operations across several Latin American countries, including Mexico.
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