CI&T (NYSE: CINT), a global digital specialist, has agreed to acquire Somo Global Ltd., a digital product agency. The deal will accelerate the firms growth in EMEA, the second largest market for digital services. The deal is worth $67 million with a earn-out clause of up to $13 based on future performance.
Somo will join CI&T’s EMEA operation and enhance the firms operations through the addition of 300 digital specialists with experience across digital products and working with large brands including Audi, Vanguard and Virgin Media. Somo delivers digital ambitions at pace and scale across verticals including automotive, financial services, utilities and telecom.
“Somo and CI&T have a similar culture – people first, innovation-driven and a strong reputation with global brands,” said Cesar Gon, CI&T’s founder and CEO. “Together we will be able to combine the power of a global company with the strength of a strong European player.”
“It’s an honor to join the CI&T family, who, like Somo, is a founder-led company with shared values,” added Nick Hynes, CEO and Carl Uminski, COO and Co-Founders of Somo. “We have no doubt that this deal will provide a successful future for all of our stakeholders, including our people and clients. We are committed to support CI&T’s international expansion across EMEA, leveraging the extensive experience of Somo’s leadership team in growing businesses globally.”