The acquisition will expand EPAM's
delivery capabilities in Latin
America and Europe
and increase client value across key industries
NEWTOWN, Pa. and MIAMI, Sept. 4,
2024 /PRNewswire/ -- EPAM Systems,
Inc. (NYSE: EPAM), a leading digital transformation
services and product engineering company, announced today that it
has entered into an agreement to acquire NEORIS, a
Miami-headquartered global
advanced technology consultancy with more than 4,700 professionals
across major talent hubs in Latin
America, Spain and the U.S.
The sellers are funds managed by Advent International, one of the
largest and most experienced global private equity investors, and
Cemex, a global construction materials company.
NEORIS specializes in delivering complex digital engagement and
transformation projects for clients in the Americas and
Europe, across various industries,
such as Manufacturing, Banking, CPG & Retail, Telco &
Media, among others. They utilize their strong software development
and technology consulting expertise in multiple domains, including
Digital Experience, Engineering, SAP, Data, Analytics, ML & AI,
Interactive UX, Digital Strategy and Enterprise Architecture.
"NEORIS' commitment to engineering quality, innovation, and
strong level of client engagement, combined with their deep
expertise across our key industry segments, makes them the best
partner for us," said Arkadiy
Dobkin, CEO & President at EPAM. "This combination will
significantly strengthen our presence in LATAM while we continue to
enhance our differentiated delivery capabilities across
Europe, India and APAC."
The addition of NEORIS will create a market offering for
clients across Latin America and
in Spanish- and Portuguese-speaking markets, while broadening
EPAM's global and nearshore delivery capabilities across
North America and Europe.
"We are thrilled about the opportunities this acquisition
brings. Partnering with EPAM allows us to lead the global
digital transformation wave while continuing to deliver exceptional
technology solutions to our clients," said Martin Mendez, CEO of NEORIS. "Together, we will
accelerate technology and business transformation solutions for our
now even more diversified client portfolio."
"Cemex founded NEORIS more than 20 years ago and led it to
become a global leader in technology consultancy," said
Fernando Gonzalez, CEO of Cemex. "We
are proud of its track record and the role it has played
in Cemex becoming an industry pioneer in digital technologies.
We look forward to continuing our collaboration with the newly
combined team. This transaction is part of Cemex 's efforts to
focus on its core businesses and aligns with our ongoing
acquisitions and portfolio rebalancing strategy."
NEORIS and Cemex expect to continue partnering to further
Cemex's leadership in providing a superior customer experience
through digital technologies.
Advent has significant experience and knowledge in the Business
Services industry, having invested in 90 companies worldwide. This
investment marked Advent's fifth in the IT services space.
To learn about career opportunities at EPAM,
visit www.epam.com/careers.
Details Regarding Proposed Acquisition
of NEORIS
The acquisition is subject to customary
closing conditions, including the receipt of necessary regulatory
clearances, and is expected to close in the fourth quarter of 2024.
Orrick is serving as legal advisor to EPAM and Simpson
Thacher & Bartlett; Creel, García-Cuéllar, Aiza y
Enríquez; Martínez, Quintero, Mendoza, Gonzáles, Laguado, & De
la Rosa; DLA Piper; Freshfields Bruckhaus Deringer; and
Pérez-Llorca are serving as legal advisors to NEORIS and its
shareholders, and Canaccord Genuity is serving as its financial
advisor.
About EPAM Systems
Since 1993, EPAM Systems, Inc.
(NYSE: EPAM) has used its software engineering expertise to become
a leading global provider of digital engineering, cloud and
AI-enabled transformation services, and a leading business and
experience consulting partner for global enterprises and ambitious
startups. We address our clients' transformation challenges by
focusing EPAM Continuum's integrated strategy, experience and
technology consulting with our 30+ years of engineering execution
to speed our clients' time to market and drive greater value from
their innovations and digital investments.
We make GenAI real with our AI LLM orchestration, testing
and engineering solutions, EPAM DIAL, EPAM EliteA™ and
EPAM AI/RUN™, respectively.
We deliver globally but engage locally with our expert teams of
consultants, architects, designers and engineers, making the future
real for our clients, our partners, and our people around the
world. We believe the right solutions are the ones that improve
people's lives and fuel competitive advantage for our clients
across diverse industries. Our thinking comes to life in the
experiences, products and platforms we design and bring to
market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and
recognized by Glassdoor and Newsweek as a Top 100 Best Workplace,
our multidisciplinary teams serve customers across six continents.
We are proud to be among the top 15 companies in Information
Technology Services in the Fortune 1000 and to be recognized as a
leader in the IDC MarketScapes for Worldwide Experience Build
Services, Worldwide Experience Design Services and Worldwide
Software Engineering Services as well as a leader in the 2024
Gartner® Magic Quadrant™ for Custom Software Development Services,
Worldwide.*
Learn more at www.epam.com and follow us
on LinkedIn.
* Gartner does not endorse any vendor, product or service
depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner's research organization and should
not be construed as statements of fact. Gartner disclaims all
warranties, expressed or implied, with respect to this research,
including any warranties of merchantability or fitness for a
particular purpose.
About NEORIS
NEORIS is a leading global digital
accelerator, with more than 20 years of experience, which helps
companies and organizations around the world to take the leap
towards innovation, through the design and implementation of
disruptive and sustainable solutions so that they can develop their
activities in a more efficient and a competitive way.
Headquartered in Miami,
Florida, NEORIS has operations in the US, Europe and Latin
America and has more than 400 active clients. It is the
first and only IT consulting company in Latin America that received the SAP® global
services certification and among its global partners it counts
industry majors such as Microsoft, Amazon Web Services, Oracle and
Salesforce.
To learn more, visit www.neoris.com or LinkedIn.
About Cemex
Cemex is a global construction
materials company that is building a better future through
sustainable products and solutions. Cemex is committed to achieving
carbon neutrality through relentless innovation and
industry-leading research and development. Cemex is at the
forefront of the circular economy in the construction value chain
and is pioneering ways to increase the use of waste and residues as
alternative raw materials and fuels in its operations with the help
of new technologies. Cemex offers cement, ready-mix concrete,
aggregates, and urbanization solutions in growing markets around
the world, powered by a multinational workforce focused on
providing a superior customer experience enabled by digital
technologies. For more information, please visit:
www.Cemex.com.
About Advent
Founded in 1984, Advent International is
one of the largest and most experienced global private equity
investors. The firm has invested in 420 private equity investments
across 43 countries, and as of December 31,
2023, had $94 billion in
assets under management*. With 15 offices in 12 countries, Advent
has established a globally integrated team of over 300 private
equity investment professionals across North America, Europe, Latin
America, and Asia. The firm
focuses on investments in five core sectors, including business and
financial services; health care; industrial; retail, consumer, and
leisure; and technology. For 40 years, Advent has been dedicated to
international investing and remains committed to partnering with
management teams to deliver sustained revenue and earnings growth
for its portfolio companies.
For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international
*Assets under management include assets attributable to Advent
advisory clients as well as employee and third-party co-investment
vehicles.
Forward-Looking Statement
This press release includes
certain statements which may constitute forward-looking statements
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the accuracy of which are
necessarily subject to risks, uncertainties, and assumptions as to
future events that may not prove to be accurate. Such
forward-looking statements are mainly based on our current
expectations and estimates of future events and trends, which
affect or may affect our business and operations. These statements
may include words such as "may," "will," "should," "believe,"
"expect," "anticipate," "intend," "plan," "estimate" or similar
expressions. Those future events and trends may relate to, among
other things, the closing of the Acquisition, which may not close
on the terms or timing anticipated, or at all, the satisfaction or
waiver of any conditions to the closing of the Acquisition, the
anticipated impacts or benefits of the Acquisition, developments
relating to the war in Ukraine and
escalation of the war in the surrounding region, political and
civil unrest or military action in the geographies where we conduct
business and operate, difficult conditions in global capital
markets, foreign exchange markets and the broader economy, and the
effect that these events may have on client demand and our
revenues, operations, access to capital, and profitability. Other
factors that could cause actual results to differ materially from
those expressed or implied include general economic conditions, the
risk factors discussed in our most recent Annual Report on Form
10-K and the factors discussed in our Quarterly Reports on Form
10-Q, particularly under the headings "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" and other filings with the Securities and Exchange
Commission. Although we believe that these forward-looking
statements are based upon reasonable assumptions, they are subject
to several risks and uncertainties and are made based on
information currently available to us. EPAM undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
Logo -
https://mma.prnewswire.com/media/2223594/4888481/EPAM_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/epam-announces-agreement-to-acquire-neoris-302237952.html