Globant Acquires Low-code Platform GeneXus to Foster Business Reinvention and Expand its Product Portfolio
Globant becomes one of the first leading digital players to invest in a low-code platform to propel business transformation.
GeneXus developed a leading low-code platform that simplifies software development and evolution and is being used by leading companies in several Latin American and Asian countries.
With this agreement, the Company strengthens the offering of Globant X, its product division.
NEW YORK, April 20, 2022 /PRNewswire/ -- Globant (NYSE: GLOB), a digitally native technology services company, announced today that it has entered into a definitive agreement to acquire GeneXus, a renowned company that developed a leading low-code platform extensively used in several industries. With this operation, Globant became one of the first leading digital players to invest in a low-code platform as a tool to deliver faster and high-quality digital transformation. GeneXus will also strengthen the offering of Globant X, a dedicated group in charge of productizing the Company's most transformative tech into scalable platforms.
With over 30 years in the market and being used by 1,700+ companies in Latin America and Asia, GeneXus is a solid product that offers a world-class low-code platform enriched with Artificial Intelligence (AI) features in a friendly tool to create, develop and maintain end-to-end solutions ready to run in all sorts of devices.
"We are thrilled to add GeneXus to our platform´s portfolio. Low-code platforms can foster business reinventions as they enable organizations to create new applications and solutions faster. This is absolutely critical in this era where technology evolves to meet end-users expectations", said Martín Migoya, CEO and Co-Founder of Globant. "We are proud to have Nicolás Jodal, GeneXus CEO and Co-Founder, join our team as we keep expanding GeneXus globally with his leadership and knowledge and our deep experience in AI and presence in 18 countries", he added.
Founded in Uruguay in 1988, with 150+ professionals, GeneXus has developed an impressive client portfolio including large well-reputed corporations as Mitsubishi Electric, Itaú, Honda, Pan American Energy, and TV Azteca, among others, in key industries such as Financial Services, Retail, and Industrial & Manufacturing. Nicolás Jodal, CEO and Co-Founder of GeneXus, and his team will join Globant to continue expanding GeneXus globally.
"We are proud to partner with Globant. Together, GeneXus will enter a new era and definitely become the world's most innovative low-code platform", said Nicolás Jodal, Co-Founder and CEO of GeneXus.
"I am very excited about this agreement. Globant is the ideal strategic partner to extend automatic software development and keep on simplifying the creation and maintenance of software for clients worldwide", said Breogán Gonda, Co-Founder and Chairman of GeneXus.
Guibert Englebienne, Co-Founder of Globant and President of Globant X, said: "We welcome GeneXus to the Globant X family with perfect timing, when we are expanding and solidifying our platform portfolio and reaching new markets. Both company cultures will fit seamlessly and partnering with such an innovative and talented team led by Nicolás Jodal will be amazing".
Completion of this transaction is subject to regulatory approvals and other customary closing conditions.
We are a digitally native company that helps organizations reinvent themselves to create a way forward and unleash their potential. We are the place where innovation, design and engineering meet scale.
- We have more than 23,500 employees and we are present in 18 countries working for companies like Google, Electronic Arts and Santander, among others.
- We were named a Worldwide Leader in CX Improvement Services by IDC MarketScape report.
- We were also featured as a business case study at Harvard, MIT, and Stanford.
- We are a member of the Green Software Foundation (GSF) and the Cybersecurity Tech Accord.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The expectations related to the businesses of Globant and GeneXus may differ from their actual results and consequently, you should not rely on these forward looking statements as predictions of future events. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will", "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," or the negative of these terms or other similar expressions. These forward-looking statements include, without limitation, expectations with respect to the anticipated benefits of the proposed acquisition. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of Globant and GeneXus and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the ability of the parties to complete the proposed acquisition; (2) the risk that the conditions to the closing of the acquisition are not satisfied in a timely manner or at all, (3) or the regulatory approvals required for the transaction may not be obtained on the terms expected, on the anticipated schedule, or at all (4) the risk that disruption from the transaction materially and adversely affects GeneXus's business and operations; (5) restrictions during the pendency of the transaction that impact GeneXus's ability to pursue certain business opportunities or other strategic transactions; (6) the Globant's ability to recognize the anticipated benefits of the proposed acquisition, (7) costs related to the proposed acquisition, (8) Globant's ability to successfully grow GeneXus's business; (9) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed acquisition; (10) the ability of Globant to retain and hire key GeneXus employees; (11) changes in applicable laws or regulations, (12) the demand for GeneXus's services together with the possibility that GeneXus may be adversely affected by other economic, business, and/or competitive factors; and (13) other factors discussed under the heading "Risk Factors" in our most recent Form 20-F filed with the Securities and Exchange Commission and any other risk factors included in subsequent reports on Form 6-K. Because of these uncertainties, you should not make any investment decision based on these forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.
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For more information, visit www.globant.com.