Brazilian tech firm CI&T drives North America growth plans
Brazilian technology company CI&T has announced an investment from private equity firm Advent International aimed at accelerating its global growth.
According to the firm, the new capital will support the company's expansion primarily in North America, which accounts for 45 percent of the company's total revenue, followed by Europe and Asia Pacific.
Founded in 1995 by César Gon and Bruno Guiçardi, CI&T provides digital strategy, research, design and engineering services. Its customers include Coca-Cola, Nestlé, Walmart, Carrefour and Google.
CI&T has been augmenting its North American operations over the last few years. In 2017, it acquired Silicon Valley strategy and customer experience design firm Comrade to boost its ability to deliver transformation projects and widen its footprint in the United States.
As a result of the Advent investment, the Brazilian development bank (BNDES), a CI&T backer since 2005, will be exiting its investment in the technology firm.
According to BNDES, its investment was aimed at supporting the tech company's international expansion and the objectives set out initially have been met:
"We consider CI&T a great success case, due to the increased relevance of the company in its market in recent years, its evolution in the internationalization agenda and in terms of corporate governance, and the benefits resulting from its growth, such as the creation of jobs," said a superintendent for investment management at BNDES, Márcio Spata.
The value of the "strategy minority investment" was not disclosed.