Private equity firm Advent International has acquired 65% of Neoris, a digital transformation and IT consulting firm that supports SAP on Microsoft Azure. The majority stake seller was CEMEX — which will retain a 35% stake in Neoris. The deal’s valuation was not disclosed.
This is technology M&A deal number 717 that ChannelE2E has covered so far in 2022.
Private Equity Backs SAP on Azure Cloud Partner: Business Backgrounds
Neoris, founded in 2000, is based in Miami, Florida. The nearshore IT outsourcing company has more than 5,000 employees who focus on such areas as SAP services, cloud computing, manufacturing, customer relationship management, enterprise resource planning (ERP) implementation and IT outsourcing. Neoris has completed more than 1,200 projects for more than 350 clients.
Advent International, founded in 1984, is based in Boston, Massachusetts. The private equity firm since inception has invested $66 billion in over 395 deals across 41 countries. Advent has roughly $76 billion in assets under management according to the company’s website.
Backed by Advent, Neoris plans to expand its focus on artificial intelligence, data science, cloud solutions and automation.
Advent International Buys Neoris: Executive Perspectives
In a prepared statement about the deal, Juan Pablo Zucchini, managing partner of Advent, said:
“We are thrilled to become shareholders of NEORIS. The technological sector is growing fast and has relevant tailwinds for this to continue going forward, as companies of all sizes embark on the digital transformation journey. We are excited to be part of a leading business in the sector such as NEORIS.”
Added Luis Hernández, executive VP of digital and organization development at CEMEX:
“We are excited that Advent is investing in NEORIS, launching the next stage of a journey that started two decades ago. CEMEX remains committed to leveraging digital technology to spearhead the evolution of the building materials industry. This partnership strengthens NEORIS and its role as a strategic ally for us.”
Noted Ariel Blumenkranc, managing director of Advent in Mexico:
“We are delighted to partner with NEORIS and CEMEX. NEORIS provides a phenomenal value proposition to its ever-growing customer base. We look forward to working together in this new phase of accelerated growth and further internationalization.”
Concluded Martín Mendez, CEO of NEORIS:
“This is excellent news and a great opportunity to propel our growth strategy. The arrival of Advent is a reflection of our success, which we could not have achieved without the support of CEMEX, our 5,000 employees, and our customers. Our achievements and strategy have benefited from our management team’s deep understanding of digital trends, industries, and markets. We look forward to collaborating with Advent to grow the business further and taking full advantage of the tailwinds of the technology space. We also look forward to bringing new ideas and our expertise to our ongoing relationship with CEMEX.”
The deal is expected to be finalized in the second half of 2022.