Globant Plans $1B Investment In Latin America To Strengthen Footprint

Globant SA GLOB disclosed an investment of $1 billion over five years in Latin America to boost its regional presence.

As part of the plan, the company will open an Emerging Technologies Innovation Center in Brazil to create new AI applications for Salesforce solutions.

Globant plans to hire 20,000 people across its 30 development centers in Latin America over the next five years.

The company aims to accelerate the development of AI-based products such as Genexus, Augoor, MagnifAI, and StarMeUp.

"We were born in Latin America, and believe that it is one of the strongest regions when it comes to innovation, talent, and creativity. Latin America is key for our global growth as a source of continuos improvement of our service offering. We want to expand our capacity for innovation and development of our AI-based offering, always to help organizations stay relevant and leaders in the future," said Martín Migoya, Co-founder and CEO.

As of March 31, 2023, cash and equivalents stood at $284.8 million. 

Also Read: Globant Eyes European Expansion; Acquires Pentalog For Undisclosed Sum

Price Action: GLOB shares are trading higher by 1.27% at $168.50 on the last check Thursday.