Why Software Development Company Globant Shares Are Shooting Higher Today

Globant SA -4.12%

Globant SA

GLOB

192.34

-4.12%

Globant SA (NYSE:GLOB) shares are trading higher after it announced yesterday the acquisition of a Brazilian business, Iteris Holding, for an undisclosed amount. 

The buyout boosts the company's current operations in Brazil by adding top local digital capabilities and a strong client roster.

Notably, Iteris offers end-to-end solutions across several industries, such as payments & banking, manufacturing, communications, education, retail, and healthcare, for some of the strongest brands in Brazil.

"We're taking big steps in Brazil as we believe in the potential of this market and this acquisition will involve significant growth to our operations in that country. This expansion is an example of our commitment to the region and its technological landscape to continue offering a top-notch portfolio of services and products to keep reinventing businesses," said Martín Migoya, Co-Founder and CEO.

Ignacio Iglesias, Chief Business Officer in Latin America, stated, "Brazil is one of the top bets for Globant in Latin America. Globant already enjoys a strong presence in key industries and will now be able to enhance its local teams with great digital transformation projects and new teams of expert specialists." 

Also ReadGlobant Inks Global Corporate Brand Partnership With Selina Hospitality

As of September 30, 2023, cash and cash equivalents and short-term investments stood at $219.3 million.

Price Action: GLOB shares are up 2.98% at $247.06 premarket on the last check Friday.

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