Country for PR: China
Contributor: PR Newswire Asia (China)
Monday, January 17 2022 - 14:39
CI&T acquires Somo to accelerate its growth in EMEA
BRISBANE, Australia, Jan. 17, 2022 /PRNewswire-AsiaNet/ --

CI&T (NYSE: CINT), a global digital specialist, announces today the execution 
of a sale and purchase agreement to acquire Somo Global Ltd ("Somo"), an 
award-winning digital product agency headquartered in the UK, to accelerate its 
growth in EMEA, the second-largest market for digital services.

In this strategic move, Somo will join CI&T's EMEA operation and enhance its 
growing operations by adding almost 300 digital specialists with deep expertise 
in digital products, working with some of the world's largest brands including 
Audi, Vanguard, Vodafone and Virgin Media, among others. 

Somo is one of the UK's leading independent digital product agencies, 
recognized by Econsultancy's prestigious Top 100 ranking (2019). With offices 
in the UK, USA and Colombia, Somo delivers digital ambitions at pace and scale 
across several verticals including automotive, financial services, utilities 
and telecom. Its strong leadership team brings a proven track record of 
delivering business performance, winning and growing digital transformation 
programs internationally.  

In 2021, Somo was recognized as the "European Digital Transformation Company of 
the Year" by CIO Europe Magazine, won the prestigious "The Drum Recommends" 
award for Software Development and Digital Strategy, and topped Campaign 
Magazine and Great Place to Work® rankings as the best place to work for in the 
UK and Colombia. Prior to this, Somo was listed as one of America's 
highest-scoring businesses in Inc. magazine's annual "Best Workplaces", ranking 
as the best place to work in South Carolina and D.C.  

"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", said 
Cesar Gon, CI&T's founder and CEO.

"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." added Nick Hynes, CEO and Carl Uminski, COO and 
Co-Founders of Somo.  

The base purchase price for the acquisition is £49 million (US$ 67 million), of 
which up to 25% will be paid in the form of Class A Common shares of CI&T, plus 
an earn-out clause of up to £9.8 million (US$ 13 million) based on future 
performance. Somo recorded approximately £25 million (US$ 34 million) in Net 
Revenue in 2021, a 41% growth compared to 2020. The completion of this 
transaction is subject to the satisfaction of customary closing conditions and 
is expected to happen during the first quarter of 2022.

About CI&T

CI&T (NYSE: CINT) is a global digital specialist, a partner in end-to-end 
digital transformation for 50+ Large Enterprises & Fast Growth Clients. As 
digital natives, we bring a 26-year track record of accelerating business 
impact through complete and scalable digital solutions. With a global presence 
in 8 countries with a nearshore delivery model, CI&T is the Employer of Choice 
for more than 5,500 professionals in strategy, data science, design and 
engineering, unlocking top-line growth, improving customer experience, and 
driving operational efficiency.

About Somo

Co-founded in 2010 by Nick Hynes and Carl Uminski, Somo is the UK's leading 
independent digital product agency, delivering digital ambitions at pace and 
scale for some of the world's largest  brands and coolest start-ups. Somo has 
pioneered over 1000 products for over 100 world-leading brands including Audi, 
HSBC, Vanguard, Vodafone, Virgin Media, and many more. Somo has been recognised 
as Digital Transformation Company of the Year (CIO Applications Europe 
Magazine, 2021), #1 pure-play Design and Build agency (The Drum, 2021), #1 
agency for creativity and innovation, digital strategy and software development 
(The Drum Recommends, 2020-21), and has repeatedly topped Best Place to Work 
rankings across the UK, US and Colombia.

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