Somo-Global-
ciandt

SI Partners advise on sale of Somo to CI&T

Sector

Technology & Data Services

Role

Sell Side

Date

January 2022

Countries

Leading digital product agency Somo, has been acquired by global digital specialist CI&T. SI Partners acted as lead sell-side adviser to Somo, identifying the purchaser and negotiating the transaction to completion.

Somo was co-founded in 2009 by Nick Hynes and Carl Uminski and is one of the fastest-growing digital strategy and product agencies with almost 300 employees. Delivering digital ambitions for some of the world’s biggest brands and notable start-ups, Somo has pioneered over 1,000 products for brands such as Audi, HSBC, Virgin Media, Vanguard, and Vodafone.

CI&T is a global digital specialist and partner in end-to-end digital transformation. It has global operations and a 26-year history of accelerating business impact through complete and scalable digital solutions.

The new partnership will enhance CI&T’s operations in Europe and will add almost 300 new digital specialists with deep expertise in digital products across a range of several verticals, as well as a strong leadership team with a proven track record.

“Somo and CI&T have a similar culture – people first, innovation-driven and a strong reputation with global brands. Together we will be able to combine the power of a global company with the strength of a strong European player”, says Cesar Gon, CI&T’s founder and CEO.

“It’s an honor to join the CI&T family, who, like Somo, is a founder-led company with shared values. We have no doubt that this deal will provide a successful future for all of our stakeholders; including our people and clients. We are committed to help achieve CI&T’s international expansion across EMEA, leveraging the extensive experience of Somo’s leadership team in growing businesses globally”

Nick Hynes, CEO and Carl Uminski, COO and Co-Founders of Somo.

The base purchase price for the acquisition is £49 million (US$ 67 million), of which up to 25% will be paid in the form of Class A Common shares of CI&T, plus an earn-out clause of up to £9.8 million (US$ 13 million) based on future performance. Somo recorded approximately £25 million (US$ 34 million) in Net Revenue in 2021, a 41% growth compared to 2020. The completion of this transaction is subject to the satisfaction of customary closing conditions and is expected to happen during the first quarter of 2022.

It’s an honor to join the CI&T family, who, like Somo, is a founder-led company with shared values. We have no doubt that this deal will provide a successful future for all of our stakeholders; including our people and clients.

Nick Hynes, CEO and Carl Uminski, COO and Co-Founders of Somo.