Nearshore Americas

Latin America Accounts For Just 13% of Globant’s Revenue

Argentine IT firm Globant has reported US$49.4 million in revenue for the second quarter of 2014, an increase of 32% from the same period last year.

“This is a record growth, which shows our ability to scale on our business model,” stated the company CEO Martin Migoya. For Globant, this is the first quarterly result announced publicly after it listed its shares in the New York Stock Exchange last month.

The sudden surge in quarterly income takes the company’s half-yearly revenue to US$92.5 million, representing 29% growth year-on-year.

Much of the revenue comes from the United States, with North America accounting for 81% of Globant’s income in the second quarter.

The company’s European operations accounted for just 6% of its revenue, while Latin America accounted for 13%. Though the company is based in Argentina, a large part of Globant’s Latin American revenue came from Chile.

The Buenos Aires-based firm said it finished the quarter with 3,371 employees, of which 3,050 were IT professionals. In 2013 alone, Globant added 1,300 employees to its workforce and launched delivery centers in Mar del Plata, Argentina and Medellin, Colombia.

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“We are thrilled with our new status as a public company. This is a huge milestone for us and, at the same time, we believe it’s just one more step in our journey,” Migoya added.

Globant expects its full year revenue to be between US$195 and US$198 million.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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