Globant, an Argentine software company, recently acquired a majority stake in GUT, a creative agency, signaling a strategic expansion into marketing services. This move aligns with Globant's ongoing efforts in artificial intelligence and strengthens its presence in the creative sector, with GUT based in Miami.
GUT, an agency with a track record of 35 awards, including the title of Independent Network of the Year at the Cannes Lions, serves high-profile clients such as Anheuser-Busch InBev SA, Kraft Heinz Co, and Coca-Cola Co. The financial details of the acquisition remain undisclosed.
Martin Migoya, CEO of Globant, in a conversation with Bloomberg, emphasized that this acquisition broadens their range of services. He pointed out the growing need for more integrated approaches combining technology with consumer and client communication, a key aspect of their partnership with GUT.
This acquisition is part of Globant's larger plan to invest $1 billion in Latin America, focusing on artificial intelligence and planning to hire 20,000 employees in the next five years. With a current workforce of over 27,500, the company is directing these investments towards key areas in marketing, business, and digital technologies, though the specifics regarding the amount spent to date were not provided.
Anselmo Ramos, co-founder of GUT, sees this partnership as a chance to join forces with an innovative technology firm. He pointed out the creative possibilities that artificial intelligence can bring to their work. GUT will retain its operational independence and current leadership.
Globant's recent partnerships, including those in sports and its growing involvement in sectors like banking, automotive, and airlines, highlight its role in integrating technology with marketing.
The company reported $543 million in revenues in the third quarter, surpassing market expectations. Its shares have seen a 29% rise this year, supported by growth in the tech sector, with 15 'buy' recommendations from Bloomberg.
Regarding Argentina's economic policy, Migoya commented on the proposed dollarization by President-elect Javier Milei, calling it beneficial. He believes a stable currency is essential for Argentina's development and notes that Globant has long operated with dollarized finances, indicating minimal impact from this policy on their operations.