Globant Eyes European Expansion; Acquires Pentalog For Undisclosed Sum - Globant (NYSE:GLOB)

Globant SA GLOB inked an acquisition deal with Pentalog in France to boost its European presence. The financial terms were not disclosed.
Pentalog is a digital transformation company that creates high-quality technology solutions and products for organizations across key industries such as finance, gaming and travel.
Founded in 1993 in Orleans, France, Pentalog houses 1,300 professionals. Pentalog's 80% of revenues come from European accounts, with the remaining revenues generated in North America.
The acquisition will enhance GLOB's footprints in France, Germany, Netherlands, Switzerland, and Austria and add a solid client base.
"France is one of the world's top economies and innovation hubs and we wanted Globant to have a stronger presence in such important geography," said Martin Migoya, Co-Founder and CEO.
Pentalog's Co-founder and CEO, Frédéric Lasnier, will remain with Globant together with his partners and the larger Pentalog team.
GLOB had cash and equivalents of $340.9 million as of December 31, 2022.
Also Read: Globant Well-Positioned For Best-In-Breed Organic Growth And Margin Profile, Says Analyst
Price Action: GLOB shares are trading higher by 3.92% at $143.17 on the last check Monday.