December 7, 2022

The Catholic Transcript

Complete News World

CI&T acquires UK, first acquisition after US IPO

Photo of CI&T IPO Festival in Nyse last November: Nyse

Brazilian Institute of Technology CI&T Took another step to expand its operations overseas and acquired 100% We are global, One of the leading independent digital production companies United Kingdom, For 49 million, equivalent to R $ 370 million. This is the first acquisition of the Brazilian company since it went public on the New York Stock Exchange (NYSE) in November 2021, raising $ 200 million.

Caesar Cohn, one of the company’s co-founders and current chairman, says the UK is one of the fastest growing areas in the digital world and has become a reference point in Europe, which is why CI&T is looking for a company there. At least a year ago, the company was already looking at the European market and aiming to acquire. Through its acquisition of Somo, the Brazilian company acquires 300 digital experts who work with some of the world’s largest brands in the English company. Audi, Vodafone e Virgin Media.

Performance

Up to 25% of the total acquisition price will be paid through CI&T shares. Up to 9. 9.8 million (R $ 72 million) will be offered in the future, and based on the future performance of the company after the acquisition, there is a way to maintain the group commitment of the acquired company. Somo’s net income increased by% 25m in 2021, 41% from 2020.

And CI&T’s shopping hunger doesn’t stop there, says Cohn. Caesar Cohn, one of the company’s founders and current chairman, says the company has set up a consistent framework for evaluating potential acquisitions and executing contracts. Created in 1995, CI&T helps other companies implement their digital transformations. The company has 4,000 employees in eight countries, including Canada, the United States, Japan and Australia. In the UK, it has had a functionality since 2018, but now it gets extra steam by buying Somo.

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