EPAM Systems, Inc. (NYSE: EPAM), a leader in digital transformation services and product engineering, announced today that it has signed an agreement to acquire NEORIS, a global technology consulting firm based in Miami with over 4,700 professionals in Latin America, Spain, and the USA. The sellers are funds managed by Advent International, one of the largest and most experienced investors in global private equity, and Cemex, a global building 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, Consumer and Retail, Telecommunications and Media, among others. The company leverages its strong expertise in software development and technology consulting in multiple domains, including Digital Experience, Engineering, SAP, Data, Analytics, Machine Learning and Artificial Intelligence, Interactive UX, Digital Strategy, and Enterprise Architecture.
According to Arkadiy Dobkin, CEO and President of EPAM, “NEORIS’ commitment to engineering excellence, innovation, and a strong level of client engagement, combined with their deep experience in our key industries, make them the perfect partner for us. This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities in Europe, India, and APAC.”
The addition of NEORIS will enable EPAM to offer a market-leading proposition for clients in Latin America and Spanish and Portuguese-speaking markets, while expanding EPAM’s global and nearshore capabilities in North America and Europe.
Martin Mendez, CEO of NEORIS, stated, “We are excited about the opportunities that this acquisition brings. Partnering with EPAM allows us to lead the global wave of digital transformation while continuing to deliver exceptional technology solutions to our clients. Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio.”
Fernando Gonzalez, CEO of Cemex, emphasized, “Cemex founded NEORIS over 20 years ago and helped it become a global leader in technology consulting. We are proud of its track record and the role it has played in Cemex’s digital transformation. This transaction is part of Cemex’s efforts to focus on its core businesses and aligns with our ongoing strategy of acquisitions and portfolio rebalancing.”
The acquisition is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is expected to be completed in the fourth quarter of 2024. Orrick is acting as legal advisor to EPAM, while 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 advising NEORIS and its shareholders. Canaccord Genuity is serving as financial advisor to NEORIS.
Since 1993, EPAM Systems, Inc. has leveraged its software engineering expertise to become a leading global provider of digital engineering, cloud, and AI-enabled services, as well as a premier business and experience consulting partner for global enterprises and ambitious startups.
To learn more about career opportunities at EPAM, visit www.epam.com/careers.
About NEORIS and Cemex
NEORIS is a global digital accelerator with over 20 years of experience, helping companies and organizations worldwide advance innovation through designing and implementing disruptive and sustainable solutions. Based in Miami, Florida, NEORIS operates in the USA, Europe, and Latin America, with over 400 active clients.
Cemex, on the other hand, is a global building materials company that is building a better future through sustainable products and solutions, and is committed to carbon neutrality through innovation and cutting-edge research.