Why Software Development Company Globant Shares Are Shooting Higher Today
Portfolio Pulse from Lekha Gupta
Globant SA (NYSE:GLOB) shares rose after announcing the acquisition of Brazilian firm Iteris Holding, enhancing its operations in Brazil with new digital capabilities and a strong client base. The acquisition aligns with Globant's commitment to growth in Brazil and the Latin American technological landscape. As of September 30, 2023, Globant's cash and short-term investments totaled $219.3 million. GLOB shares increased by 2.98% in premarket trading.
December 29, 2023 | 1:14 pm
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Globant SA's acquisition of Iteris Holding is expected to strengthen its position in Brazil, adding significant digital capabilities and a robust client portfolio across various industries.
The acquisition of Iteris Holding is likely to be viewed positively by investors as it represents strategic growth in a key market for Globant. The expansion in Brazil could lead to increased revenue streams and market share, which is typically seen as a bullish signal for a company's stock in the short term.
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