Argentinean software company Globant has expanded into Brazil by acquiring São Paulo-based technology firm TerraForum.
Globant has not disclosed the financial details of the deal, but said the acquisition is an attempt to tap into the Brazil’s growing IT market.
Analyst say TerraForum will help Globant get quick access to Brazil’s expertise in innovation and clients throughout the country.
Founded in 2002 by José Claudio Terra, a specialist in IT innovation, TerraForum has a wide range of clients in Brazil, including companies like HSBC, Petrobras, Unilever, Vale and Pernod-Ricard.
TerraForum’s offerings include consulting and knowledge management, digital marketing and social media, and software development.
Following the acquisition, TerraForum´s employees will join Globant´s team, working from TerraForum’s development centers in São Paulo, Rio de Janeiro, Curitiba and Belo Horizonte.
Martin Migoya, Globant’s CEO & Co-founder said the acquisition ‘opens the door to a huge market’ that was previously unexplored by his company.
With the purchase of the Brazilian company, Globant expands to a market, which according Migoya, was the next step after having presence in markets in the United States and England. Globant acquired mobile-centric technology company Nextive last year.
Globant, fueled by several rounds of major investment capital, has in recent years speculated that it is headed toward an IPO on the US stock exchange.
“With this acquisition, we not only create more job opportunities for technology professionals, but we will also be moving forward towards our goal of building a multinational company, opening and conquering markets all over the world.”
“TerraForum and Globant share the same culture of innovation and challenge of the status quo,” stated José Claudio Terra, Terra Forum Founder.