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CI&T Acquires Somo to Accelerate Its Growth in EMEA | Business

CI&T Acquires Somo to Accelerate Its Growth in EMEA | Business
Written by publishing team

Campinas, Brazil – (BUSINESS WIRE) – January 14, 2022 –

CI&T (NYSE: CINT), the global digital specialist, today announced the execution of a sale and purchase agreement to acquire Somo Global Ltd (“Somo”), an award-winning digital products agency headquartered in the United Kingdom, to accelerate its growth in Europe, the Middle East and Africa, the second The largest market for digital services.

In this strategic move, Somo will join CI&T’s EMEA operations and enhance its growing operations by adding nearly 300 digital professionals with deep expertise in digital products, working with some of the world’s largest brands including Audi and Vanguard. and Vodafone and Virgin Media, among others.

Somo is one of the UK’s leading independent digital product agencies, recognized by the prestigious Econsultancy in the Top 100 (2019) rankings. With offices in the UK, USA and Colombia, Somo advances digital ambitions with pace and scope across many sectors including automotive, financial services, utilities and telecommunications. Its strong leadership team has a proven track record of delivering business performance and winning and growing digital transformation programs internationally.

In 2021, Somo was named “European Digital Transformation Company of the Year” by CIO Europe Magazine, won the prestigious “The Drum Recuses” for software development and digital strategy, and topped the Campaign Magazine and Great Place to Work® rankings as the Best Place to Work. To work in the UK and Colombia. Prior to that, Somo was listed as one of the US companies with the highest scores in Inc. magazine’s annual “Best Places to Work”. Ranked as the best place to work in South Carolina and DC

Somo and CI&T have a similar culture – people first, driven by innovation and a strong reputation with global brands. “Together we will be able to combine the strength of a global company with the strength of a strong European player,” said Cesar John, founder and CEO of CI&T.

“It is a great honor to join the CI&T family, which, like Somo, is a founder-led company with shared values. We have no doubt that this transaction will provide a successful future for all of our stakeholders, including our employees and customers. We are committed to supporting CI’s international expansion & T across the EMEA region, leveraging the extensive experience of the Somo leadership team in the growing business globally.”

The base purchase price for the acquisition is £49 million (US$67 million), of which up to 25% will be paid in the form of Class A common stock in CI&T, plus a profit clause of up to £9.8 million (US$13 million) Based on future performance. Somo reported nearly £25 million (US$34 million) in net revenue in 2021, an increase of 41% over 2020. Completion of this transaction is subject to meeting usual closing conditions, and is expected to occur during the first quarter of 2022.

About CI&T.

CI&T (NYSE: CINT) is a global digital specialist and comprehensive digital transformation partner for more than 50 large companies and fast-growing clients. As digital natives, we achieve a 26-year track record of accelerating business impact with complete and scalable digital solutions. With a global presence in 8 countries with a near-delivery model, CI&T is the employer of choice for more than 5,500 professionals specializing in strategy, data science, design and engineering, unleashing top-line growth, improving customer experience and driving operational efficiency.

About Sumo

Founded in 2010 by Nick Hynes and Carl Uminski, Somo is the UK’s leading independent digital products agency, delivering digital ambitions with pace and scope to some of the world’s biggest brands and coolest startups. Somo has pioneered over 1,000 products for over 100 global brands including Audi, HSBC, Vanguard, Vodafone, Virgin Media and many more. Somo has been recognized as Digital Transformation Company of the Year (CIO Applications Europe, 2021), #1 Design and Building Agency (The Drum, 2021), #1 Agency for Creativity and Innovation, Digital Strategy and Program Development (The Drum recommends, 2020-21), and has been highly ranked Frequently ranked best place to work across the UK, US and Colombia.

Cautionary statement regarding forward-looking statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are statements that may be considered forward-looking statements, which include, but are not limited to: expectations relating to revenue and other financial or business metrics; data on relationships with clients; and any other statements of expectation or belief. The words “believe,” “will,” “may,” “may,” “will,” “estimate,” “continue,” “expect,” “intend,” “plan,” “expect,” “budget, aim.” “Scheduled,” “expectations,” and similar words indicate estimates and forward-looking statements, but the absence of these words does not mean that the statement is not forward-looking. Forward-looking statements represent the beliefs and assumptions of our management only as of the date of this press release. You should read this press release at Basis of understanding that our actual future results may differ materially from what we expect These statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results expressed or implied in this press release. These risk factors are, but are not limited to, those related to the current and future impact of the COVID-19 pandemic on our business and industry; effects of competition on our business; uncertainty about market demand and use of our services; ability to maintain or acquire new customer relationships; business and conditions general economics; our ability to integrate investment having successfully ; and our ability to successfully implement our growth strategy and strategic plans. Additional information regarding these and other risks and uncertainties is located in the “Risk Factors” section of the CI&T Registration Statement on Form F-1. Additional information will be made available in our Annual Reports on Form 20-F, and other filings and reports that CI&T may from time to time make to the SEC. Except as required by law, CI&T has no obligation and does not intend to update these forward-looking statements, or to update the reasons why actual results may differ materially from those projected in these forward-looking statements, even if new information becomes available in the future.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction Judicial.

View source copy on businesswire.com: https://www.businesswire.com/news/home/20220113005958/en/

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Kate Axelby

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Source: CI&T Inc.

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