Globant (GLOB) has acquired Atix Labs to strengthen its position in the blockchain market, forecast to grow 10x by 2025. The financial terms of the deal have been kept under wraps.
Shares of the I.T. and software development company based in Luxembourg, with a current market capitalization of $11.3 billion, have gained 45% over the past year. (See Globant stock charts on TipRanks)
Atix Labs, founded in Argentina in 2013, is a professional services company specializing in the blockchain market. It operates in the United States, Argentina, and Uruguay. It has an impressive project pipeline, strong partnerships, a world-class portfolio of Fortune 500 clients, and top global players on the crypto stage.
The addition of Atix Labs will complement and enhance Globant’s Blockchain Studio offering. It will also assist Globant in offering cutting-edge solutions to its clients across various business verticals, like media & entertainment, real estate, healthcare, finance, and supply chain, to name a few.
Globant CTO Diego Tartara commented, “Globant’s mission is to help organizations stay relevant by offering cutting-edge solutions. There is no doubt that blockchain and crypto are critical in the new business-tech horizon. Adding Atix Labs to the family will be seamless as both companies are action driven and true reinvention seekers.”
Goldman Sachs analyst Diego M. Aragao recently upgraded Globant from Hold to Buy and increased the price target from $235 to $395 (43.6% upside potential)
Consensus among analysts is a Strong Buy based on 6 unanimous Buys. The average Globant price target of $334.33 implies 21.6% upside potential to current levels.
GLOB scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.