London-based digital product agency Somo Global has been acquired by recently NYSE listed CI&T for £49 million in a deal that will see up to 25% paid in CI&T shares, plus an earn-out clause of up to £9.8 million based on performance. The acquisition further strengthens CI&T’s commitment to accelerating growth in EMEA, the second-largest market for digital services.
With offices in the UK, the US, and Colombia, since 2009 Somo has developed over 1,000 digital products for some 100+ clients including Audi, Skoda, Siemens, and De Beers across a wide range of industries including the automotive, financial services, utilities, and telecom sectors.
Demonstrating a 41% growth in net revenues year-over-year, 2021 saw Somo bring home approximately £25 million. The translation is expected to be completed during Q1 2022, and naturally, is subject to the satisfaction of customary conditions.
“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.
“We have no doubt that this deal will provide a successful future for all of our stakeholders, including our people and clients,” added Somo CEO Nick Hynes. “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,”