EPAM to Expand Capabilities with NEORIS Acquisition Deal
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EPAM Announces Agreement to Acquire NEORIS
EPAM Systems, Inc. (NYSE: EPAM) has taken a significant step towards bolstering its digital transformation services by announcing an agreement to acquire NEORIS, a renowned global advanced technology consultancy. This strategic acquisition aims to expand EPAM's delivery capabilities in Latin America and Europe, directly contributing to increased client value across various key industries.
About NEORIS and Its Expertise
Established in Miami, NEORIS has built a reputation for delivering complex digital transformation projects for clients primarily in the Americas and Europe. With a robust team of over 4,700 professionals across major talent hubs, they specialize in diverse sectors including Manufacturing, Banking, Consumer Packaged Goods and Retail, and Telecoms. NEORIS employs cutting-edge technology and consulting expertise in essential domains such as Digital Experience, Engineering, SAP, Data Analytics, and AI.
Commitment to Quality and Innovation
EPAM CEO Arkadiy Dobkin believes that NEORIS's unwavering commitment to engineering quality, innovation, and their exceptional client engagement uniquely positions them as an ideal partner. He states, "This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India, and APAC." This collaboration opens up new horizons for both companies as they work together to meet evolving client needs.
Enhancing Global and Nearshore Delivery Capabilities
With the addition of NEORIS, EPAM not only reinforces its market offering in Spanish- and Portuguese-speaking markets but also increases its global and nearshore delivery capabilities in North America and Europe. Martin Mendez, CEO of NEORIS, expressed enthusiasm about the merger, stating, "Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio." This partnership is seen as a way to significantly enhance the technology solutions offered to clients, ensuring they remain competitive in the digital landscape.
Collaborative Future with Cemex and Advent International
NEORIS was founded by Cemex over two decades ago and has since evolved into a leader in technology consultancy. Cemex’s CEO, Fernando Gonzalez, highlighted their pride in NEORIS's journey and its role in leading digital technologies within the construction sector. He noted that this move aligns with Cemex's strategy to concentrate on core businesses while still maintaining a partnership with EPAM post-acquisition.
Framework for Closing the Acquisition
The acquisition marks a landmark moment for EPAM and is subject to customary closing conditions. It includes obtaining necessary regulatory approvals with an anticipated completion in the fourth quarter of the year. Various esteemed legal advisors are involved in supporting both EPAM and NEORIS throughout the process.
EPAM: Leading Innovator in Technology Services
Founded in 1993, EPAM Systems, Inc. has established itself as a frontrunner in digital engineering, cloud solutions, and AI transformation services. The company emphasizes integrated strategies that leverage over 30 years of engineering expertise, addressing the pressing challenges of client transformation while speeding up market delivery. EPAM's commitment to innovation is evident in its offerings such as EPAM DIAL and EPAM AI/RUN, which deliver on the promise of GenAI in practical applications.
Frequently Asked Questions
What is the focus of EPAM's acquisition of NEORIS?
The acquisition primarily aims to enhance EPAM's delivery capabilities in Latin American and European markets, driving increased value for clients.
Who are the key players involved in the acquisition?
The acquisition involves EPAM Systems, Inc., NEORIS, Cemex, and Advent International as key stakeholders.
What industries does NEORIS specialize in?
NEORIS specializes in several industries, including Manufacturing, Banking, Consumer Products, and Telecommunications.
How will this acquisition impact EPAM's clients?
This acquisition will expand EPAM's service offerings, particularly in Spanish- and Portuguese-speaking regions, providing enhanced technology solutions to a diversified client base.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of the year, pending regulatory approvals and customary closing conditions.
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