CI&T acquires UK-based digital product agency Somo Global for £49m
Brazilian IT company CI&T has agreed to acquire Somo Global, a UK-based digital product agency, for £49 million, in a move to expedite its growth in EMEA.
Somo Global will join the EMEA operation of CI&T and is expected to improve its operations by adding nearly 300 digital specialists having expertise in digital products. The UK-based firm works with brands such as Audi, Vanguard, Virgin Media, and Vodafone.
Cesar Gon — CI&T founder and CEO said: “Somo and CI&T have a similar culture – people first, innovation-driven and a strong reputation with global brands. Together we will be able to combine the power of a global company with the strength of a strong European player.”
The 2021 net revenue of Somo Global was around £25 million, a 41% increase from the net revenue in 2020.
Apart from the UK, the company has offices in the US and Colombia.
Nick Hynes, CEO and Carl Uminski, COO and Co-Founders of Somo Global said: “It’s an honor to join the CI&T family, who, like Somo, is a founder-led company with shared values. 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.”
The deal, which is contingent on customary closing conditions, is likely to be wrapped up during Q1 2022.