Globant Secures $15 Million Investment from Riverwood Capital and FTV Capital New Funding to Support Continued Organic Expansion and Acquisition Strategy
MENLO PARK, California and BUENOS AIRES, Argentina, March 23, 2011 /PRNewswire/ -- Globant, leader in the creation of innovative software products that appeal to global audiences, today announced that Riverwood Capital, a private equity firm that invests in high-growth businesses in the global technology and technology-enabled industries, and FTV Capital, a growth equity investor focused on business services, financial services, technology, and payments, have invested an additional $15 million in the Company. The funding will help Globant continue its strong organic growth and will support its strategic acquisition plan throughout Latin America and the U.S. This is the third investment in Globant from Riverwood Capital and second from FTV Capital.
According to Globant's CEO Martin Migoya, "We have big plans for 2011, and this new financing round will be vital for our continued growth. The launch of our eight studios has enabled us to enhance the level of innovative, value added service for our customers, which has been key to our revenue growth and customer satisfaction. In addition to our rapid organic growth, we also plan to grow through the acquisition of companies that share our passion for innovation." Migoya added, "We are extremely proud of the relationship we have with Riverwood Capital and FTV Capital, and their follow-on investments reiterate their confidence in our business. Their support is helping us drive to our goal of becoming one of the most innovative software development companies in the world."
"Over the years, Globant has been able to develop an outstanding value proposition for its customers, becoming the leader provider of software product development services from Latin America and now a global reference in the space," said Francisco Alvarez-Demalde, a founding partner of Riverwood Capital, which was the first institutional and leading investor in the Company. "We are very excited to continue supporting Globant, and are impressed by the quality of the Company's human capital, its strong growth trajectory, and its culture of innovation, ethics and productivity. This financing will help drive the Company's strategic expansion and accelerate our growth in delivery capabilities, reinforcing and strengthening Globant's value proposition to customers."
"Globant's forward thinking management team has built a distinct studio delivery model, enabling deep specialization and domain expertise, and generating impressive growth," said Brad Bernstein, partner at FTV Capital and Globant board member. "Globant is able to share best practices in innovative development with clients across industries including financial services, retail, technology, gaming, and travel, and has secured and deepened significant relationships with leading global companies in each of these categories."
Globant, a company comprised by more than 2,000 IT professionals based in eight delivery centers across Latin America and commercial offices in the U.S. and the U.K., has extensive experience developing innovative software products for a blue chip customer base that includes Electronic Arts, Disney, Google, Coca Cola and Sabre, among several others. The Company has built a strong portfolio of services based on its eight studios: Mobile, Luminous Gaming, High Performance Computing, Consumer Experience, Business Productivity, Creative & Social, Sustainable Infostructure and Quality Engineering.
Globant is one of the global leaders in the creation of innovative software products that appeal to global audiences. Globant combines a rational blend of Open-Source with proprietary software, which brings flexibility, mitigates risk and ultimately reduces costs. Globant's proprietary Smart Staffing Technology™ yields high performance teams that enable companies to quickly develop their software products and gain an edge in the competitive landscape with the lowest total cost. Globant is a privately held, privately funded company headquartered in Buenos Aires, Argentina with offices in Tandil, Cordoba, Rosario, Resistencia and La Plata in Argentina, San Jose, Chicago and Boston in the United States, Montevideo, Bogota, and London. For more information, visit www.globant.com.
About Riverwood Capital
Riverwood Capital is a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood was established by a talented group of private equity and technology industry executives, which gives Riverwood a unique combination of operational, strategic, financial and technical insight into investment candidates. The founders group includes Michael Marks, Chris Varelas, Thomas Smach, Nicholas Brathwaite, Francisco Alvarez-Demalde and Jeffrey Parks. Riverwood has offices in Menlo Park, CA and New York, NY and currently has more than 25 investments in North America, Latin America and Asia. Please visit www.riverwoodcapital.com.
About FTV Capital
FTV Capital is a multi-stage private equity firm that invests in high-growth companies offering a range of innovative solutions in business services, financial services, technology, payments and transaction processing. FTV Capital provides entrepreneurs with unique access to its Global Partner Network, a group of the world's foremost financial institutions that have invested in FTV Capital and its portfolio companies for more than a decade. Founded in 1998, FTV Capital has more than $1 billion under management and has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.
For Riverwood Capital:
For FTV Capital:
Karen Derr Gilbert