EPAM Systems (NYSE:EPAM), a leading global provider of digital platform engineering and development services, has entered into a definitive agreement to acquire Neoris, a global technology consultancy headquartered in Miami, for a total of $630 million.
Under the terms of the agreement, EPAM will acquire 99.692% of Neoris' ordinary shares from MA Monredo (Netherlands) and CXNetworks.
This strategic acquisition is anticipated to enhance EPAM's capabilities in key industry segments, leveraging Neoris' reputation for engineering excellence, innovation, and a robust client engagement model.
Arkadiy Dobkin, CEO and President of EPAM, expressed enthusiasm about the acquisition, stating, "NEORIS’ commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us."
Martin Mendez, CEO of Neoris, also emphasized the strategic value of the deal, noting, "Together, we will accelerate technology and business transformation solutions for our now even more diversified client portfolio."
The acquisition is set to close by the end of 2024, pending regulatory approvals and other customary conditions.