EPAM Announces Agreement to Acquire NEORIS
EPAM Systems, Inc. (NYSE: EPAM) has made a noteworthy move to enhance its digital transformation services by announcing an agreement to acquire NEORIS, a well-respected global advanced technology consultancy. This strategic acquisition is designed to strengthen EPAM's delivery capabilities across Latin America and Europe, ultimately increasing client value in several key industries.
About NEORIS and Its Expertise
Founded in Miami, NEORIS has earned a solid reputation for executing complex digital transformation projects, primarily serving clients in the Americas and Europe. With a dedicated team of over 4,700 professionals located in major talent hubs, NEORIS specializes in various sectors, including Manufacturing, Banking, Consumer Packaged Goods and Retail, as well as Telecommunications. They utilize advanced technology and consulting expertise in critical areas such as Digital Experience, Engineering, SAP, Data Analytics, and AI.
Commitment to Quality and Innovation
EPAM's CEO, Arkadiy Dobkin, emphasizes NEORIS's strong commitment to engineering quality, innovation, and exceptional client engagement, which makes them an ideal partner. He remarked, "This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India, and APAC." This partnership opens up new opportunities for both companies as they collaborate to address the changing needs of their clients.
Enhancing Global and Nearshore Delivery Capabilities
By acquiring NEORIS, EPAM not only strengthens its offerings in Spanish- and Portuguese-speaking markets but also boosts its global and nearshore delivery capabilities in North America and Europe. Martin Mendez, CEO of NEORIS, expressed excitement about the merger, stating, "Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio." This collaboration is viewed as a significant way to enhance the technology solutions available to clients, helping them stay competitive in the digital age.
Collaborative Future with Cemex and Advent International
NEORIS was established by Cemex over twenty years ago and has since become a leader in technology consultancy. Cemex’s CEO, Fernando Gonzalez, expressed pride in NEORIS's evolution and its pivotal role in advancing digital technologies within the construction sector. He noted that this acquisition aligns with Cemex's strategy to focus on its core businesses while maintaining a partnership with EPAM after the acquisition.
Framework for Closing the Acquisition
This acquisition represents a significant milestone for EPAM and is subject to standard closing conditions. This includes obtaining necessary regulatory approvals, with the expected completion set for the fourth quarter of this year. A number of esteemed legal advisors are assisting both EPAM and NEORIS throughout this process.
EPAM: Leading Innovator in Technology Services
Founded in 1993, EPAM Systems, Inc. has positioned itself as a leader in digital engineering, cloud solutions, and AI transformation services. The company focuses on integrated strategies that leverage over 30 years of engineering expertise to tackle the pressing challenges of client transformation while accelerating market delivery. EPAM's commitment to innovation is showcased through offerings like EPAM DIAL and EPAM AI/RUN, which bring the promise of GenAI into practical applications.
Frequently Asked Questions
What is the focus of EPAM's acquisition of NEORIS?
The primary goal of the acquisition is to enhance EPAM's delivery capabilities in Latin America and Europe, thereby increasing value for clients.
Who are the key players involved in the acquisition?
The key stakeholders in the acquisition include EPAM Systems, Inc., NEORIS, Cemex, and Advent International.
What industries does NEORIS specialize in?
NEORIS has expertise in several industries, including Manufacturing, Banking, Consumer Products, and Telecommunications.
How will this acquisition impact EPAM's clients?
This acquisition will broaden EPAM's service offerings, particularly in Spanish- and Portuguese-speaking regions, enhancing technology solutions for a more diversified client base.
When is the acquisition expected to close?
The acquisition is anticipated to close in the fourth quarter of the year, pending the necessary regulatory approvals and customary closing conditions.
