Narayan AmmachchiArgentinean IT firm Globant has acquired Uruguay’s low-code software developer GeneXus, gaining access to dozens of Japanese companies with a global presence.
Founded in Uruguay in 1988, GebeXus employs around 150 professionals and its clients include the likes of Mitsubishi Electric, Itau, Honda, and Pan American Energy among others.
The Uruguayan firm, which has offices in Brazil and Mexico in addition to Japan and the United States, will soon be folded into Globant, with its CEO Nicolás Jodal taking a position in Globant. The acquisition comes barely a week after Globant launched a delivery center in the Chilean capital Santiago, pledging to invest US$40 million in the South American country.
GeneXus’ low-code platform features AI tools and is ideal to create, develop and maintain end-to-end solutions for all sorts of devices, says Globant, claiming that the platform is used by more than 1,700 companies in Asia and Latin America. Reports say GeneXus earns a quarter of its revenue from Asia.
The Buenos Aires-born company that trades on the NASDAQ Exchange, which reported US$1 billion in annual revenue for the first time last year, is hoping to explore new markets for metaverse, gaming, and crypto, according to Bloomberg.
Globant has not disclosed how much it paid for GeneXus, but stated that the Uruguayan firm might generate US$30 million in revenue this year.
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