Globant gets Openware for US$1.5mn

Wednesday, December 17, 2008

Argentine IT solutions and outsourcing services provider Globant has bought compatriot IT services and security company Openware for US$1.5mn, local paper La Nación reported.

Globant will keep Openware's name and staff. It has publicly announced that it is interested in acquiring companies that bill US$1mn-10mn/year, in order to add to its business volume and client portfolio in preparation for its Nasdaq IPO, slated to take place in two years.

Earlier this month, the company received US$13mn in joint investments from private equity firm Riverwood Capital and growth equity investor FTVentures.

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CEO Martín Migoya recently told BNamericas that Globant is eyeing companies in both the US and Latin America, with special attention being given to Argentina, Colombia, Uruguay, Costa Rica and the US.

Earlier this year, Globant acquired compatriot company Accendra in a deal worth US$2mn, including cash and stocks.

Globant expects revenues to total nearly US$40mn in 2008, compared to US$22mn in 2007. Migoya said the company predicts that 11% of this year's service revenues will be generated by projects within Latin America.

Headquartered in Buenos Aires, the company also has offices in Brazil, London, Mexico, Boston and San Francisco.