NEORIS is a privately owned company headquartered in Miami, FL. Founded in 2000, it operates with approximately 4,000 employees and specializes in IT services and IT consulting. Functioning as a global innovation consulting company, NEORIS designs digitally-enabled strategies. The company maintains a network of global delivery centers, design studios, and operations across the U.S., Europe, Latin America, Africa, the Middle East, and Asia.

Revenue

Founded

2000

Headcount

-

Headquarters

US

Primary Segment

IT Services and IT Consulting

Ownership

Privately Owned
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Dec
17th
2024
00:00
M&A Activities, Emerging Tech, B2B Tag
Connecting the Dots: M&A Deals in Technology Services in 2024
In 2024, IT spend growth stayed at 4% to 5%, the same as in 2023. Enterprise IT budgets were strained due to elections and a sluggish discretionary spending environment. Vendor consolidation was a major trend in 2023, but in 2024, there were early signs of recovery in segments like BFSI, healthcare, and manufacturing. PEs led consolidation in the middle-market, driving deal activity to its highest levels in four years. The digital transformation megatrend, with GenAI as a net positive, drove conviction in differentiated assets with IP-led capabilities within growing cloud ecosystems. Cloud ecosystems saw unabated demand for differentiated assets in leading ecosystems, with hyperscaler ecosystems maturing beyond IaaS to apps and data/AI. Deal volume in the ERP segment was driven by cloud adoption cycles in SAP and Oracle. Demand for D&A capabilities remained robust across strategics and PEs, with activity holding up in leading ecosystems. PEs once again led most of the deals in the segment, with broad-based demand from strategics, including incumbents and BPOs. Selective but bold playbooks were unfolding in listed IT services, with inorganic imperatives driving transformative/scale deals for digital natives. Most active players included Accenture, Globant, NTT Data, and Happiest Minds. India-listed companies remained selective, with ~15 deals in 2024. Cloud large acquisitions included EPAM - Neoris (US$630m), Endava – GalaxE Group (US$405m), and Coforge - Cigniti (US$460m). DPE dominant themes for such deals included bolstering and scaling capabilities, expanding market presence, and enhancing delivery capabilities.
EY Switzerland