Mercado Libre acquires Lagash to enhance its technological development capacity

This is a machine translation of the original press release issued in Spanish

Buenos Aires, March 11, 2020.- Mercado Libre (Nasdaq: Meli) announced today the acquisition of Lagash, a company with operations in Argentina, Chile, Colombia, Mexico and Uruguay, to expand its capacity to manage IT projects and add talent across the region.

Through this operation, more than 350 professionals will join the team of 3,400 Mercado Libre developers. In turn, this acquisition will allow Mercado Libre to open new development centers in Mexico, Chile and Colombia, and to enhance its IT Center in Argentina.

"Lagash is a strategic acquisition for Mercado Libre, facing the growing challenges of our company, both in the e-commerce business and in fintech and logistics," said Daniel Gándara, IT Vice President of Mercado Libre. "The opening of the new development centers will be key to continue growing and maintaining our leadership throughout Latin America."

For his part, Federico García -CEO de Lagash- affirmed: “it is a pride for us to be able to join the Mercado Libre family. It shows that we have done a good job over the years that has not gone unnoticed. We are eager to start delivering value to Mercado Libre projects in the short term. ”

Lagash's teams were already working on Mercado Libre projects and also with other clients. The agreement plans to honor previous commitments. Then, the teams will have a dedication for 100% Free Market projects.