Globant scores US$15mn capital injection

- Wednesday, March 23, 2011

Globant scores US$15mn capital injection

Argentine IT solutions and outsourcing services provider Globant has secured US$15mn in new investments from stakeholders Riverwood Capital and FTV Capital, Globant said in a statement.

Globant will channel the funds to both organic growth and planned acquisitions in Latin America and the US. This is the third investment in Globant from Riverwood Capital and the second from FTV Capital.

"We have big plans for 2011, and this new financing round will be vital for our continued growth," Globant CEO Martin Migoya said.

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Globant is currently executing a plan to open 8-10 new offices in Argentina and other Latin American countries by September, according to previous BNamericas reports. The company expects revenues to top out at US$100mn this year.

Globant employs 2,000 IT professionals in eight delivery centers across Latin America, in addition to commercial offices in the US and the UK.

BIG MOVES FROM RIVERWOOD CAPITAL

The Globant investment represents Riverwood Capital's latest investment in Latin American IT firms.

Last December, Riverwood Capital announced plans to purchase Chilean IT solutions provider Synapsis from the latter's parent company, Enersis (NYSE: ENI). The equity firm paid out some US$52mn for Synapsis, though total investments in the Chilean company are expected to top US$100mn within four years.