Globant Acquisitions: What It Buys and What It Pays, 2015-2025

Globant is the only company in our top 15 strategic acquirers of IT services firms that was founded in Latin America. Started in Argentina in 2003 and listed in New York since 2014, it had revenue of $2.45bn in 2025 and 28,773 employees in 31 countries, and our records hold 33 of its IT services acquisitions from 2015 to 2025.

It buys people and capabilities: engineering teams in new delivery locations, Salesforce, Adobe and SAP practices, marketing agencies and consultancies. Its spending on acquisitions grew with the company, from $219M across 2015 to 2019 to $1.04bn across 2023 to 2025, and it pays above the market, a median of 1.4x revenue on the nine deals its filings price against the target’s revenue, against 1.1x across IT services deals.

Much of that price arrives later or in Globant shares, and in 2025 Globant bought back its own shares at about a third of the values at which it had issued shares to sellers in 2023 and 2024. The structure of an offer matters as much as its size.

Globant’s annual reports on Form 20-F give the price paid and, for many deals, the revenue of the companies bought, so they and its 2026 results are the source for the spend, prices, multiples and terms here. The deal list combines Mergermarket with the acquisitions we traced in its filings and releases.

Globant Subsidiaries and Studios: How Globant Is Organized

Globant reports a single operating segment and sells through what it calls Studios, a model it introduced in 2009. In 2025 it reorganized around four pillars: three core Studios, its AI Industry Studios, AI Pods and the Globant Enterprise AI platform.

Acquired companies feed these units. Globant bought Navint, a US Salesforce partner, in 2021 to strengthen its Salesforce Studio, and it bought a majority of GUT, the independent creative agency, in 2023; the GUT name now covers all of Globant’s marketing and advertising work after a rebrand in October 2025.

A founder runs acquisitions: Martín Umaran, one of the four, is Globant’s Chief Corporate Development Officer and President for Europe, the Middle East and Africa; Martín Migoya, another founder, is Chairman and CEO. The acquiring entity is usually Globant España or Globant LLC in the United States.

How Many Companies Globant Acquires

Globant made 33 acquisitions from 2015 to 2025: ten in 2015 to 2019, 12 in 2020 to 2022 and 11 in 2023 to 2025. The busiest years were 2023 and 2024, with five each, and the pace fell to one in 2025. Its software and agency purchases are set out under what it buys.

The pace rose with the company. Globant’s revenue grew from $254M in 2015 to $1.3bn in 2021 and $2.1bn in 2023, and it made 23 acquisitions in the six years from 2020 to 2025, against ten in the five years before.

How Much Globant Spends on Acquisitions

Globant’s filings put its total consideration for acquisitions from 2015 to 2025 at about $2.0bn, counting cash, shares, installments and earn-outs at fair value when each deal was booked. Spending rose in steps: $219M across 2015 to 2019, $707M across 2020 to 2022 and $1.04bn across 2023 to 2025. The peak came in 2024, at $529M, and 2025 brought $63M.

The cash leaves over several years. Globant’s business combinations used $278.2M of cash in 2024 and $32.9M in 2025, and at the end of 2025 it still carried $128.0M of contingent consideration owed to sellers. It funds deals from operating cash flow, a bank credit facility and its own shares, and in 2025 it spent $56.1M buying back shares, more than the $32.9M its acquisitions used that year.

What Size of Company Globant Buys

Our records carry a deal value for 19 of the 33 acquisitions, 16 of them from 2015 to 2021, with a median of $20M and an interquartile range of $9M to $50M. Seven were under $10M and one above $100M. From 2022 Globant reports prices for each year as a whole, and those totals show the deals getting bigger: spending rose from $272M in 2022 to $451M in 2023 and $529M in 2024.

The filings also give the size of the companies. For nine acquisitions of 2015 to 2020, the target’s revenue in the year it was bought had a median of $16M, from $2M to $65M. Later years are reported in total: the companies Globant bought in 2021 earned $69M of revenue in their year of acquisition, those of 2022 earned $111M and those of 2023 earned $252M, the year Globant bought Pentalog, a French engineering group with subsidiaries in Romania, Moldova and Vietnam.

The filings give the headcount of five early targets too, from 40 to 337 employees. A company with $5M to $40M of revenue and a team in the low hundreds sits in the middle of what Globant has bought, and a larger one fits the pattern of its recent years.

What Globant Buys

Globant’s stated aim for acquisitions is to deepen relationships with key clients, extend its technology capabilities, broaden its service offering and expand the footprint of its delivery centers. Grouping its 33 acquisitions by what each target did:

Engineering capacity was the core of Globant’s early buying, eight of its ten deals from 2015 to 2019. Since 2022 the mix has moved toward client-facing work. Eight of the 15 acquisitions of 2022 to 2025 were platform practices or agencies: a Salesforce partner, three Adobe specialists and an SAP consultancy, and agencies in Argentina, Denmark and the United Arab Emirates. The specialist studios work in games, blockchain and streaming.

Beyond its 33 IT services acquisitions, our records show six more: three software companies, two creative and advertising agencies and a management consultancy for banks and insurers. Globant called its 2021 purchase of a marketing automation company its first product-oriented acquisition, and it has since bought GeneXus and formed a sports technology venture with LaLiga. The agencies include GUT, which now gives its name to Globant’s marketing and advertising network.

Where Globant Buys

Globant bought in 13 countries. By country, the United States leads with ten acquisitions, followed by Argentina with six, Spain with three, the United Kingdom, Colombia, Brazil and Italy with two each, and Uruguay, India, Australia, Denmark, France and the United Arab Emirates with one each. Latin America and Europe together account for 20 of the 33.

The map has shifted. Of the ten deals of 2015 to 2019, four were in the United States and one in Europe. Of the 23 since 2020, eight were in Europe, including all three in Spain, home to Globant’s main acquiring company. Globant’s sales to European clients rose from $182M in 2022 to $469M in 2025, while the United States still provided 53 percent of 2025 revenue.

Delivery capacity is part of what Globant buys. Its acquisitions added teams in India, Romania, Belarus, Moldova, Vietnam and Bulgaria as well as across Latin America, in line with its stated aim of extending the footprint of its delivery centers.

What Globant Pays: Acquisition Multiples

Globant’s filings give, for many deals, both the price and the revenue the acquired company earned in the year it was bought, before and after closing. That gives nine acquisitions from 2015 to 2020 with an EV/Revenue multiple, at a median of 1.4x. Across IT services deals in our valuation research the median is 1.1x, and 1.2x for software development firms.

Eight of the nine were private companies, at a median of 1.5x; the ninth was a small carve-out bought from its parent for a nominal sum. All 33 targets were unlisted companies or businesses. By size, the six priced under $25M had a median of 1.3x, and the three above $40M ranged from 0.8x to 1.8x.

These nine are Globant’s earlier and smaller deals, so we checked them against the yearly totals in the same filings. Taking all of Globant’s acquisitions of 2015, 2016 and 2019 to 2023 together, total consideration came to 2.0 times the acquired companies’ revenue in the year they were bought. By year the multiple ran from 1.3x in 2015 to 3.0x in 2021, then 2.5x in 2022 and 1.8x in 2023. Because that revenue includes the months after closing, a multiple of trailing revenue would sit a little higher for a growing company.

EBITDA multiples are rare here: one deal in our records carries an EBITDA. As arithmetic, 1.4x revenue equals 9.3x EBITDA at a 15 percent margin and 7.0x at 20 percent, against a median of 10.4x across IT services deals. At a 15 percent margin, Globant’s revenue premium translates into an EBITDA multiple a little below the market median; for a lower-margin firm with a capability Globant wants, the revenue multiple is where the premium shows.

The headline price is one part of what a seller receives. In 2022 to 2024, 18 percent of Globant’s acquisition spending was contingent on future results and another 7 percent was paid in installments, while 15 percent was paid in Globant shares at closing. Where in that structure the value lands decides what a seller receives.

How Globant Structures a Deal

The price comes in four parts. Across the acquisitions of 2022 to 2024, Globant paid 60 percent of the total consideration in cash at closing, 15 percent in Globant shares at closing, 7 percent in installments and 18 percent as contingent consideration; in 2024 alone the contingent share reached 25 percent. Counting installments payable in shares, about a fifth of the price came in Globant stock.

Sellers take shares by subscribing for them. The filings describe shares valued at the volume-weighted average price over the 60 days before closing, or at a fixed price agreed in advance, and issued in tranches that in some deals ran for more than four years. That makes the share price part of your price. Globant issued shares to sellers at values between $182 and $226 a share in 2023 and 2024, by the amounts in its filings, and in 2025 it bought back its own shares at an average of about $63, by our arithmetic. Globant has also agreed installments settled in a variable number of shares, which fixes the value and moves the share price risk to the buyer; ask for that structure.

Earn-outs are measured on the business you sold. The filings show targets on revenue combined with gross margin or operating margin, over one to three years, with billable headcount and EBITDA also used as targets. Where part of an earn-out depends on the founders staying, Globant books it as pay for their services, so the employment terms and the earn-out need to be negotiated together.

Globant also buys in stages, taking a majority with options over the rest: for its 60 percent stake in the creative agency GUT, yearly put and call options over the remaining 40 percent run to April 2027, and an older option over an Argentine engineering firm priced the remainder by a formula on revenue and EBITDA. If you want to keep a stake for a few years, ask for a structure like this, and negotiate the formula as hard as the first price.

Globant moves quickly: 11 of its 15 acquisitions since 2022 were signed and closed on the same day, and three of the other four took seven to 11 weeks from signing to closing. Prepare your financials, contracts and key-person plans before the first meeting.

What Happens After Closing

Engineering firms join Globant fast. The Indian company Globant bought in May 2015 was renamed Globant India that August, two US firms bought in 2017 were merged into Globant LLC within the year, and a third US firm’s business was folded into Globant LLC from the day it closed. Globant said it was then unable to separate the revenue of the merged companies, which is why their full-year figures are missing from its filings. For a seller with an earn-out, that integration speed matters: agree how your revenue and margin will be measured once your team sits inside Globant’s units.

Some acquired brands live on. GUT kept its name and now gives it to Globant’s whole marketing and advertising network, and GeneXus is one of the named suites of Globant Enterprise AI. Even so, Globant reorganized its Studios in 2025, and the units a company joins can change after closing.

Terms can change too. In 2024 and 2025 Globant amended earn-outs after closing: it added fixed payments in place of some or all of the contingent ones, moved EBITDA targets out to 2026 and 2028, raised a minimum payment and widened the revenue counted. Each change was a negotiation after closing.

The wider group has been cutting costs. Globant launched a Business Optimization Plan in April 2025, at a cost of $52.0M in severance and office closures; headcount fell from 28,773 at the end of 2025 to 27,411 in June 2026, and attrition rose to 13.6 percent in 2025 from 9.5 percent in 2024. Ask Globant how your team would sit in the current structure, who would sponsor it, and how the earn-out would be protected if that structure changes again.

Globant’s Competitive Position

Globant is among the ten most active buyers in our ranking of strategic acquirers of IT services companies, and our page on wer Softwareentwicklungsfirmen kauft names it with Endava and EPAM among the engineering firms that buy behind Accenture.

We see Globant as the natural buyer for three kinds of company: engineering teams that add a delivery location, Salesforce, Adobe and SAP practices that its Enterprise Studio can sell to its clients, and marketing agencies for GUT. Each of those markets has other active buyers, from Accenture and the European integrators to private equity platforms, and a competing bid tests both Globant’s price and the share of it paid in stock.

Is This a Good Time to Sell to Globant?

Globant is buying less. Revenue grew 1.6 percent in 2025 to $2.45bn, and its 2026 guidance points to a range from a 1.1 percent decline to 0.3 percent growth, with an adjusted operating margin of 13.5 to 14.5 percent. It made one acquisition in 2025, its 20-F expects spending on acquisitions to fall over the following twelve months, and its 2026 results put the weight on share buybacks and Glob.AI, its platform for AI Pods, whose annual recurring revenue reached $52.8M in the second quarter of 2026.

Its recent targets point the same way: in 2024 a data and AI firm and an AI-focused product engineering firm, along with two platform practices and an agency, and in 2025 an Adobe consultancy. A company that brings AI delivery skills, platform expertise Globant’s clients buy, or a client base in a market it wants is the kind it still pays for.

The wider market has repriced. In our IT services valuations webinar we described cybersecurity, AI implementation and vertical specialists trading at 7 to 14 times EBITDA on growth of 10 to 20 percent, with legacy work, outsourcing and staffing closer to 5 to 8 times, and private valuations following the public market with a lag. If your business sits in a premium segment, buyers are paying for it now, Globant among them when the capability fits. If it sits in the lower-priced segments and you have a choice, consolidating and improving the business for a later sale is a good option too. The latest figures are in our Bewertungsmultiplikatoren für IT-Dienstleistungen Analyse.

Why You Need an M&A Advisor When Globant Approaches You

Globant has made 33 acquisitions of IT services companies since 2015, a founder runs its corporate development, and it writes the share mechanism, the earn-out formula and the option terms. The owner across the table is selling one business.

Establish what the business is worth before the first offer arrives, from comparable IT services deals and from the range Globant itself has paid, from about 1x to 2x revenue.

Bring in one or two other buyers. Engineering firms, global integrators and private equity platforms buy in each of Globant’s categories, and a second bid tests both the price and the cash at closing, which matters more when part of Globant’s offer comes in its own shares.

Negotiate the structure as hard as the price: how the shares are priced and when they are issued, whether the value or the number of shares is fixed, the earn-out metric and how it will be measured after integration, and the formula for any stake you keep. The figures on this page describe a market; your company will be priced in a negotiation.

That is the work we do for owners of IT services businesses while they keep running the company, and running it well through the process matters, because how the business performs ends up in the price, and with an earn-out it keeps counting after closing. For how an approach fits into a wider sale, see zum Verkauf eines IT-Dienstleistungsunternehmens und strategische versus finanzielle Käufer.

Über Aventis Advisors

Aventis Advisors is an M&A advisor for technology and IT services companies. We believe the world would be better off with fewer but better quality M&A deals, done at the right moment for the company and its owners. Our goal is to provide honest, insight-driven advice that lays out all the options clearly, including the option to keep the status quo.

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