EPAM acquires NEORIS for $630Mn, expands in Latin America

PENNSYLVANIA and FLORIDA, UNITED STATES — EPAM Systems, a digital transformation and IT consulting provider has announced its acquisition of NEORIS, a Miami-based technology service provider, for $630 million.
The merger will bring NEORIS’s large Latin American (LATAM) presence into the EPAM fold, enhancing its offerings in Europe, India, and Asia-Pacific.
A powerhouse partnership between EPAM and NEORIS
“NEORIS’ commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us,” said Arkadiy Dobkin, CEO & President at EPAM.
“This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India and APAC.”
EPAM Systems, founded in 1993, has grown into a major global provider of digital engineering and business consulting. The company operates across six continents and is recognized as a leader in AI and cloud-enabled transformation services.
NEORIS, meanwhile, was founded in 2000 by Mexican construction materials giant Cemex and has become a major power player in Latin America’s emerging tech landscape. The company today has more than 4,700 professionals working across digital strategy, data analytics, machine learning, and AI. NEORIS caters to more than 400 clients across sectors.
Strategic expansion into LATAM markets
The acquisition will expand EPAM’s delivery capabilities in Latin America and Europe. NEORIS currently operates in six Latin American countries, including Argentina, Peru, Mexico, Brazil, Chile, and Colombia, as well as having delivery centers in the Czech Republic, Hungary, and Spain.
“We are thrilled about the opportunities this acquisition brings. Partnering with EPAM allows us to lead the global digital transformation wave while continuing to deliver exceptional technology solutions to our clients,” said Martin Mendez, CEO of NEORIS.
“Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio.”
Headquartered in Newtown, Pennsylvania, EPAM has faced challenges in recent years, particularly due to geopolitical issues in Ukraine, which caused a 30% drop in its stock value. However, it remains profitable and continues to expand its capabilities through acquisitions like NEORIS.
It marks the company’s third big acquisition for 2024 after Vates S.A., an Argentina-based company, and Odysseus Data Services, a firm in health sciences analytics.