Globant travels to India to acquire Clarice Technologies

AHMEDABAD: Globant, an Argentine IT and software development firm focused on innovative products, has acquired Pune-based product engineering firm Clarice Technologies in a deal estimated at $20-25 million.

It's a complete acquisition with a transition phase of three years, said Sandeep Chawda, co-founder and CEO at Clarice Technologies. He said the deal was closed on May 14.

Investment banker Merisis Advisors helped close the deal.Sumir Verma, MD at Merisis Advisors, said Globant cur rently has delivery centres across South America, and one in Vietnam.

"However, to set up a delivery centre of scale, companies like Globant have no choice but to come to India," he said.

Both Clarice and Merisis declined to share the deal size, citing confidentiality clause. People close to the deal pegged it at $20-25 million, or approximately Rs 125-160 crore.