Epam announces agreement to acquire Neoris

By Neoris

Newtown, PA, USA, and Miami, FL, USA, September 4, 2024 – EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced that it has entered into an agreement to acquire NEORIS, a global advanced technology consultancy headquartered in Miami with more than 4,700 professionals in key talent centers in Latin America, Spain, and the U.S. The sellers are funds managed by Advent International, one of the largest international private equity investors, and Cemex, a global building materials company.

NEORIS specializes in delivering complex digital transformation projects for clients across the Americas and Europe, across diverse industries such as Manufacturing, Banking, CPG & Retail, Telco and Media, among others. They leverage their strong software development and technology consulting expertise across multiple domains including Digital Experience, Engineering, SAP, Data, Analytics, ML & AI, Interactive UX, Digital Strategy and Enterprise Architecture.

“NEORIS’ commitment to engineering quality standards, innovation and a high level of customer engagement, combined with their deep experience in our key industry segments, makes them the ideal partner for us,” said Arkadiy Dobkin, CEO and President of EPAM.

“This combination will significantly strengthen our presence in LATAM as we continue to enhance our differentiated delivery capabilities in Europe, India and APAC.”

The addition of NEORIS will create a market-leading offering for clients in Latin America and Spanish and Portuguese-speaking markets, expanding EPAM’s global and nearshore capabilities in North America and Europe.

“We are excited by the opportunities 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 customers,” said Martin Mendez, CEO of NEORIS. “Together, we will accelerate technology and business transformation solutions for our now even more diversified portfolio of customers.”

“Cemex founded NEORIS more than 20 years ago and led it to become a global leader in technology consulting,” said Fernando Gonzalez, CEO of Cemex. “We are proud of his track record and the role he has played in leading Cemex to become a pioneer in digital technologies. We look forward to continuing our collaboration with the newly combined team. This transaction is part of Cemex’s efforts to focus on its core businesses and aligns with our acquisition and portfolio rebalancing strategy.”

NEORIS and Cemex look forward to continuing to collaborate to strengthen Cemex’s leadership in providing superior customer experience through digital technologies.

Advent has significant experience in the Business Services industry, having invested in 90 companies worldwide. This investment marks Advent’s fifth in the IT services space.

For career opportunities at EPAM, please visit www.epam.com/careers .

Details on the Proposed Acquisition of NEORIS

The acquisition is subject to customary closing conditions, including obtaining necessary regulatory approvals, and is expected to close in the fourth quarter of 2024. Orrick is acting as legal advisor to EPAM and Simpson Thacher & Bartlett; Creel, Garcia-Cuellar, Aiza & Enriquez; Martinez, Quintero, Mendoza, Gonzalez, Laguado, & De la Rosa; DLA Piper; Freshfields Bruckhaus Deringer; and Perez-Llorca are acting as legal advisor to NEORIS and its shareholders, and Canaccord Genuity is acting as financial advisor.

--- ###---

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global provider of digital engineering services, cloud and AI-enabled transformation, and a business consulting and expertise partner to global enterprises and ambitious startups. We address our clients’ transformation challenges by leveraging EPAM Continuum’s integrated strategy, expertise, and technology consulting with over 30 years of engineering execution to accelerate time-to-market and drive greater value from their digital innovations and investments.

We make GenAI real with our AI LLM engineering, testing, and orchestration solutions, EPAM DIAL, EPAM EliteA™, and EPAM AI/RUN™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, partners and people around the world.

We believe that the right solutions are those that improve people’s lives and fuel our clients’ competitive advantage across a variety of industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as one of the 100 Best Places to Work, our multidisciplinary teams serve clients on six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and recognized as a leader in the IDC MarketScapes for Worldwide Experience Construction Services, Worldwide Experience Design Services, and Worldwide Software Engineering Services, as well as a leader in the Gartner® 2024 Magic Quadrant for Custom Software Development Services, Worldwide.*

For more information, visit www.epam.com and follow us on LinkedIn .

* Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About NEORIS

NEORIS is a leading global digital accelerator, with more than 20 years of experience, that helps companies and organizations around the world to make the leap towards innovation, by designing and implementing disruptive and sustainable solutions so that they can develop their activities more efficiently and competitively.

Headquartered in Miami, Florida, NEORIS has operations in the US, Europe and Latin America and has more than 400 active clients. It is the first and only IT consulting company in Latin America to have received the global SAP® services certification and its global partners include major industry players such as Microsoft, Amazon Web Services, Oracle and Salesforce.

For more information, visit www.neoris.com or LinkedIn.

About Cemex

Cemex is a global building materials company that is building a better future through sustainable products and solutions. Cemex is committed to carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is innovating ways to increase the use of waste and residue as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates and land development solutions in growing markets around the world, driven by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, visit: www.Cemex.com .

About Advent

Founded in 1984, Advent International is one of the world’s largest and most experienced private equity investors. The firm has invested in 420 private equity investments in 43 countries and, as of December 31, 2023, had $94 billion in assets under management.* With 15 offices in 12 countries, Advent has established a globally integrated team of more than 300 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrials; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to achieve sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international