Argentina IT Outsourcing Industry

October 11, 2019 Table of Contents

 Section I: Software & IT Services Industry - Argentina

» Market Size

» Sector Snapshot

» Outsourcing Stimulus

» Outlook

 Section II: Abbreviated Company Profiles (Key Players)

 Section III: Private Company Profiles

» Belatrix

» Devartis

» GlobalLogic

 Section IV: Public Company Profiles

» Globant

» Endava

2 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Section I: Software and IT Services Industry - Argentina Software and IT Services Market Size

Argentina Software and IT Services market • According to Cámara de la Industria Argentina del Software (CESSI Argentina), the total annual sales of the Software and IT Services increased from ARS$9,476.0 mn ($2,541.0 mn) in 2009 to ARS$92,355.0 mn ($3,283.0 mn) in 2018 • Due to Peso devaluations, total sales measured in US dollars fell by 11.1% in 2014, 20.1% in 2016 and 14.4% in 2018, while in Pesos they had grown significantly in those same years (33.7%, 27.2% and 43.2% respectively) • Employment, in the sector, has increased by 47.8% between 2009 and 2018, at a cumulative annual rate of 4.4%

4,500.0 4,254.0 25.0% 4,002.0 4,153.0 3,837.0 4,000.0 3,619.0 3,692.0 20.0% 3,401.0 3,500.0 3,283.0 15.0% 3,016.0 10.0% 3,000.0 2,541.0 5.0% 2,500.0 0.0% 2,000.0 -5.0% 1,500.0 -10.0% 1,000.0 -15.0% 500.0 -20.0% 0.0 -25.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Annual Total Sales (US$ mn) YoY growth

100,000.0 92,355.0 50.0% 90,000.0 45.0% 80,000.0 40.0% 70,000.0 64,494.0 35.0% 60,000.0 30.0% 50,268.0 50,000.0 25.0% 39,525.0 40,000.0 20.0% 30,458.0 30,000.0 22,782.0 15.0% 18,287.0 20,000.0 14,980.0 10.0% 9,476.0 11,800.0 10,000.0 5.0% 0.0 0.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Annual Total Sales (ARS$ mn) YoY growth

Source: CESSI Argentina Report Link 4 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Market Size (contd.)

Argentina Software and IT Services outsourcing market • Income from abroad, which is an indicator of the outsourcing market size, grew from ARS$3,464.0 mn ($929.0 mn) in 2009, to ARS$47,855.0 mn ($1,701.0 mn) in 2018, at a CAGR of 7.0% • In 2009, income from abroad was ~36.6% of the total sales of the Software and IT Services market. In 2018, it became ~51.8% of the total sales • In 2016, Argentina’s outsourcing, or “near-shoring” sector had 105,000-115,000 full-time equivalent positions (FTEs) in global services • Argentina currently has over 3,600 IT firms and around 60.0% of these companies are in the capital, Buenos Aires, and, the remaining 40.0% are based in other provinces, mainly in Córdoba, San Luis and Santa Fe

2,000.0 1,838.0 40.0% 1,800.0 1,701.0 1,530.0 1,533.0 30.0% 1,600.0 1,476.0 1,459.0 1,328.0 20.0% 1,400.0 1,214.0 1,143.0 1,200.0 10.0% 1,000.0 929.0 800.0 0.0% 600.0 -10.0% 400.0 -20.0% 200.0 0.0 -30.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Income from Abroad ($ mn) YoY growth

Source: CESSI Argentina Report Link ; Fortune Report, Link ; Argentina’s Software Industry is on the Rise Link 5 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector

Participation of the different activities in Sales (2017-2018) • Custom software development and Sales of own products and related services segments contributed ~66.0% of the total sales of the sector in 2017-18 • Custom software development segment contributed ~58.0% of income from abroad, followed by Sales of own products and related services segment, which contributed ~20.0% of the total income from abroad • ~64.0% of the income from abroad was from multinational companies followed by ~24.0% contribution from large companies

Total Sales Income from Abroad Income from Abroad

2.0% 1.0% 5.0% 4.0% 5.0% 6.0% 6.0% 6.0% 11.0%

10.0% 10.0% 10.0% 45.0% 45.0% 24.0% 13.0% 13.0% 58.0% 20.0% 64.0%

21.0% 21.0%

Software Development SoftwareSoftware Development Development Multinationals Large Companies Sale of own products, solutions as services, and related services Sale of own products, solutions as services, and related services Sale of own products, solutions as services, and related services SMEs Public Agencies Sales of third party products and related services Sales of third party products and relatedTotal services Sales Sales of third party products and related services Resource provision (development, testing, IT operation, etc.) Resource provision (development, testing, IT operation, etc.) Resource provision (development, testing, IT operation, etc.) IT Support IT Support ITOthers Support (training, outsourcing etc.) Others (training, outsourcing etc.) Others (training, outsourcing etc.)

Source: CESSI Argentina Report Link 6 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector (contd.)

Main customers per vertical based in the total of Sales (2017-2018) • The Software & IT Services sales in 2017-18 was driven mostly by financial services (banks and insurers), software and telecommunication companies • The income from abroad was predominantly driven by the software and IT services vertical followed by banks in the financial services vertical • The 2018 App Economy report listed 40,150 jobs in Argentina app development, which is roughly ~35.0% of Argentine development projects • ~50.0% of Argentina app outsourcing projects was outsourced from United States and the United Kingdom

1.0% 3.0% 1.0% 1.0% 1.0% 2.0% 1.0% 2.0% Software and IT Services Financial Services - Banks 4.0% Financial Services - Banks 5.0% Software and IT Services 6.0% Trade 5.0% 26.0% Telecommunications 33.0% Telecommunications Financial Services - Insurers 5.0% 7.0% Entertainment and Media Trade 5.0% Transport and Logistics Public Administration 7.0% Manufacturing Industry 8.0% Entertainment and Media 12.0% Manufacturing Industry Construction 12.0% Energy 8.0% Energy 11.0% Health 25.0% Financial Services - Insurers 9.0% Transport and Logistics Others

Total Sales Income from Abroad

Source: CESSI Argentina Report Link, Argentina: Software Outsourcing and Top Nearshore Development Talent Report Link 7 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Snapshot of Sector (contd.) Participation in income from abroad according to destination of exports (2017-2018) • USA contributes to more than half (52.0%) of income from abroad • Far behind, are Chile (8.0%), Uruguay (6.0%) and Mexico (6.0%) • Together, all countries in the Latin America represent 35.0% of exports

Oceania 0.1%

Africa 0.1%

Ecuador 0.1%

Venezula 0.3%

Paraguay 0.4%

Canada 0.4%

Bolivia 1.0%

Asia 2.0%

Brasil 3.0%

Colombia 3.0%

Central America 3.0%

Spain 4.0%

Rest of Europe 5.0%

Peru 5.0%

Uruguay 6.0%

Mexico 6.0%

Chile 8.0%

USA 52.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Source: CESSI Argentina Report Link 8 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Customers

Some Outsourcing firms in Argentina and their clients

BairesDev Link Valtech Link

Vates Link Globant Link

9 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Outsourcing Stimulus The growth of IT outsourcing industry in Argentina is driven by the following factors:

▪ According to the regional ranking of universities, 7 Argentine universities ranked among the top 50 in Latin America ▪ Argentina has developed a successful model that includes having its universities focus on teaching practical technology skills and has partnerships with governments to spur entrepreneurship ▪ The Global Human Capital Report 2017 stated that Argentina has the topmost rank (52) in the Latin Qualified Talent Pool America. Argentina topped the region due to the size and skill diversity of its young population in tertiary education. Coursera’s 2019 Global Skills Index ranked Argentina as a leader in cutting-edge technical skills. Specifically, Argentina exhibited strong talent in software engineering (100.0%), operating systems (95.0%) and HCI (76.0%) compared to its Latin American peers ▪ Argentina made its debut in the Bloomberg 2019 Innovation Index and is ranked 50, just behind Brazil (45)

▪ Under Argentina's Law No. 25,922 (Ley de Promoción de la Industria de Software), as amended by Law No. 26,692 and Decree No. 95/2018 (the "Software Promotion Law"), operating software firms in Argentina benefit from a 60.0% reduction in their corporate income tax rate (as applied to income from promoted software activities) and a tax credit of up to 70.0% of amounts paid for certain social security taxes Government Incentive (contributions) that may be offset against value-added tax liabilities ▪ Other initiatives like Plan 111Mil which is a government-sponsored program to train 100K developers by 2020, local start-up support including Startup Buenos Aires and IncuBAte, Entrepreneurs’ Law which is a pro-business law to reduce registration times and costs for entrepreneurs, are a boost to tech culture growth

▪ In addition to the training quality, multilingual skills is a key factor for foreign companies to work with Cultural Compatibility Argentinean companies. and English Language ▪ Around 6.5 mn Argentines speak English. According to the EF EPI Rankings 2018, Argentina is a leader of Support English-speaking skillset in Latin America, with a global rank of 27

Source: Cessi Argentina Link ; Global Human Capital Report 2017 Link, Link ; HBR Article Link, Annual Report Link Argentina: Software Outsourcing and Top Nearshore Development Talent Report 10 Link ; Bloomberg innovation Index Link PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Outsourcing Stimulus The growth of IT outsourcing industry in Argentina is driven by the following factors:

▪ The low value of the Argentinian currency compared to the US Dollar allows IT companies to have the most competitive prices in the global market ▪ Hiring Argentine developers is also a cost-effective option. For example, the average rate for a senior Cost Benefits developer can range from $20/hr to $50/hr+ depending on the programming skills, languages known and seniority ▪ Given the rising costs of developer salaries in the US, salaries in Argentina are comparatively affordable, while also maintaining high quality

▪ A huge advantage of Latin American countries over the rest of the world is its time zone coverage ▪ Argentina is located in UTC-3 – thus it shares eight working hours with the US, from where it gets most of its outsourcing revenue Overlapping time ▪ This is a big advantage as compared to Asian countries with zero overlapping hours and Eastern Europe Zones with 4-5 hours overlapping hours ▪ Overlapping hours facilitates communication and accelerates reaction time in the face of unexpected issues or requirement change

Source: 1: Argentina: Software Outsourcing and Top Nearshore Development Talent Report Link 11 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Software and IT Services Outlook

Argentina IT Industry Roadmap • CESSI has forecasted that 2019 will witness a growth of 32.0% in Total Sales (ARS$), 16.0% in outsourcing income (USD) and a 14.0% rise in employment. Cessi also has predicted that Argentina’s software and IT services sector will generate ~$7.3 bn annually by 2020 and will be earning $2.9 bn in annual service export revenue by 2020 • IDC has predicted the vertical-wise growth rate in Argentina’s software and IT services sector for 2019. 2019 is a year of presidential elections in Argentina, which could lead to a slowdown in the economy and volatile exchange rates. Software and services sectors is expected to witness continued strength as the devalued Peso will allow companies to take advantage of a qualified workforce, at lower prices in USD

CESSI Expectations of growth in 2019

35.0% 32.4%

30.0%

25.0%

20.0% 16.4% 14.3% 15.0%

10.0%

5.0%

0.0% Total Sales (in pesos) Income from abroad (in Employment USD)

Source: IDC FutureScape: Latin America IT Industry 2019 Predictions Link ; Argentina’s Software Industry is on the Rise Link, CESSI Argentina Report Link 12 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Section II: Abbreviated Company Profiles (Key Players) Abbreviated Profiles

Name Founded Description Industries Served Key Clients

An international tech company that provides consultancy and professional IT services which helps Global 2000 organizations with the methodology, training, Allstate, technology building blocks, and end-to-end solution development required to Insurance, Finance, Siemens, Sony, 2001 support digital transformation at scale. It has expertise in cloud automation, Logistics Cisco, Microsoft, Altoros microservices, blockchain, and artificial intelligence (AI). Link Toyota

Provides end to end delivery for companies of all sizes, from startups to some of SiriusXM, the biggest companies in the world. The core work comprises of Software Google, Rolls- 2009 Outsourcing & Testing and Operational Support. It has expertise in custom - BairesDev Royce, Viacom, software development, software testing, cloud computing, mobile and web Groupon development, blockchain consulting, data science and Internet of Things Link L'Oréal, Retail & Consumer Lufthansa, Valtech is a global digital agency focused on business transformation by goods, Automotive, Decathlon, combining experience design, technology development, marketing crafts and Financial services , Heineken, Fritz strategy. Real Estate, Telco, Hansen, easyJet, Valtech Its service offerings include omni-channel, experience-driven commerce, service 1993 Utility, Healthcare, Audi, Profoto design thinking, analytics & big data, customer responsive platforms, agile Manufacturing, Asian Paints, marketing, internet of things, immersive experiences – AR/VR, digital marketing Media & Levi’s, American and digital video streaming. Link Entertainment, Girl, The Public, Education Container Store

Vates is dedicated to software development, testing, quality control and R&D, focused on providing IT products and services to large companies and government Aerospace, 1991 sectors Link Financial Services, BM, Oracle, HP Vates Telecom

Source: Company Websites, Company profiles in LinkedIn, Clutch.co 14 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Abbreviated Profiles

Name Founded Description Industries Served Key Clients

A software company that specializes in providing technological solutions to start- Green IT, Financial ups and companies that are seeking to innovate and need support in developing Commuter, 2011 Services, their ideas. It has expertise in agile methodologies, high-end technology, Mercado Libre, Wolox Healthcare personalized solutions, and quality assurance Link Flimper

Rogers, Primus, The company builds Nearshore Development Squads with high quality remote Janssen 2012 Tech Companies Neginet engineers at competitive rates, without losing traceability of their work Link (Johnson & Johnson) Amalgama is a Digital Consulting Firm focused on helping businesses and entrepreneurs use technology in order to increase their client base, improve TMP, Grupo 2013 efficiency and build innovative products. They design and develop custom - Amalgama Mass, Gdf Suez websites, software, and applications that creatively fulfill a business's needs while staying focused on the experience of the user Link Disney, Delivers native Android & iOS apps that optimize time & money. The company Financial, Media, IT, Coderhouse, 2016 specializes in JavaScript, Mobile Native Applications, Web applications, Startups, Entertainment DCO, Platzi, IB5K Underscope React Native, React, Node.js, Android, and iOS Link

Avalancha.com, Devartis develops high quality software in the latest technologies for companies Moni, Bridger 2010 outsourcing software of any industry in need of enterprise solutions or software All Industries Conway, Devartis products Link UNICEF, USS

Source: Company Websites, Company profiles in LinkedIn, Clutch.co 15 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Abbreviated Profiles

Name Founded Description Industries Served Key Clients

Galicia Bank, Banking & finances, National Atomic An IT services company that provides services for medium and high-ranking Government, Energy Consulting companies in Argentina, Chile and other countries in the region. It has more than Automotive, health, Commission, LG 2000 Services 15 years in the market, with focus on Computer Security, Infrastructure, Technical Services, Retail, Electronics Support and Outsourcing for various vertical markets. Link Hospitality, Argentina, Building, Education Toyota, Pfizer, Alvear Hotel Open IT offers its clients integral management of their IT area. Its offerings include allowing organizations to take full advantage of their FORTINET-based 2000 - - Open IT infrastructure, incorporating the necessary resources in the organization, to optimize their investment in Computer Security Link An IT outsourcing solution provider. The company works to provide end to end Microsoft, Business Services, delivery for companies of all sizes, from startups to some of the biggest Percona, Coco- 2017 Gaming, IT, Telco, companies in the world. Its services include web and mobile development, staff Cola, Clarin, Codea IT Ecommerce augmentation, cloud services, design, software testing, digital marketing Link Flybondi Starkus, Ambush A technology agency that specializes in software architecture and customized Visual Supply, 2012 web and mobile application development, using state-of-the-art tools and - Backed by methodologies for building innovative products Link Zarego Maya, Convoy The company offers software and apps development outsourcing, staff Tech Companies, Scotiabank, 2017 augmentation and IT services for different companies and startups in Latin Entertainment Copahue, Banco Moovx America, Asia, and the US Link Industry Estado, Eclass

Source: Company Websites, Company profiles in LinkedIn, Clutch.co 16 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Abbreviated Profiles

Name Founded Description Industries Served Key Clients

Kubikware,Infini Works with IT agencies and startups to create websites and mobile apps across xSoft, United iPhone, iPad and Android platform. The company offers services such as staff 2014 - Virtualities, FlyDevs augmentation, strategy, analysis, business support and product development to PHPAustralia any kind of business and startups Link Conference

Brushupclub, The company, headquartered in Buenos Aires, provides services in Blockchain, Zeppelin 2012 - Digitalbeings Web and Apps, and in Internet of Things. Link Solutions, Fusion Link Logic FCC Conex, Santaner Bank, Comprises of a group of companies specialized in technology, offering IT BCP, ADO, Alsea 1981 infrastructure and is the first company to integrate IT services and - Grupo Datco Chile, San Pablo communications Link Link Metro, Deheza General Oil Healthcare, Dollar General, Core Security provides companies with the security insight, its threat-aware, Utilities, Dollar Tree, identity & access, network security, and vulnerability management solutions 1996 Government, Chep, Harvard Core Security provide actionable insight and context needed to manage security risks across the Education, Retail, Pilgrim enterprise Link Financial Services Healthcare Government, Provides comprehensive solutions for securing SAP and Oracle enterprise Retail, applications. Onapsis enables security and audit teams to have visibility, Sony, IBM, EY, 2009 Manufacturing, Onapsis confidence, and control of advanced threats, cyber-risks and compliance gaps Sanofi, Daimler Energy & Natural Lin that exist within their enterprise applications Link Resources

Teracloud is a consulting company created by certified cloud experts in migrating - - - and deploying startups, enterprises and everything in between to the cloud Link Teracloud

Source: Company Websites, Company profiles in LinkedIn, Clutch.co 17 PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Section III: Private Company Profiles Belatrix Company Overview

Company Description Services • Belatrix or “the company” founded in 1993, in Spain, is a software • Software Development: Belatrix combines its Agile practices with and application developer operating in Argentina, Peru, Colombia, Design Thinking to ensure the customer remains the central focus. and the US It provides a mix of control and visibility while also allowing • Belatrix offers product, mobile, cloud software development, flexibility in the software production process, factors that make it automation and agile testing, blockchain, artificial intelligence and ideal to manage software development outsourcing. Belatrix also machine learning consultancy services to the fintech, media and provides financial and banking software development services to entertainment and healthcare industries companies. Its software development services include product, • The main nearshore advantages to the company are: Culture mobile, software architecture & cloud software development alignment, easy access, time overlap and easy communication, • Software Testing: Software testing is carried out by QA experts, lower total cost of engagement who improve software quality by monitoring and continually • Globant acquired Belatrix Software for up to $70.0 mn in total improving processes and projects. They augment software quality consideration using key metrics, assessing the scalability and performance of • The company has around 500-1000 employees software, providing process assurance and documentation management, and analyzing security and architectural risks. Its Industries Served software testing services includes software QA, automation, agile Belatrix has established global companies as well as innovative and mobile testing startups accomplish the targets. The industries served are: • Consultancy & Innovation: Combines technical expertise, with • Fintech agile development and design thinking with an aim to help the • Media & Entertainment consultants overcome the digital technological issues. Its • Healthcare consultancy & innovation services includes AI & machine learning, • Marketing & Communications Centers of excellence, blockchain, IoT, agile coaching, chatboats • Retail and virtual assistance & robotic process automation • Energy • User Experience: This service includes UX design, an integral approach to create products that solve a specific user’s needs, Key People considering their individual traits, habits and expectations

Luis Rubbio (CEO) (2002-Present) Recent News • Worked at Correo (1998-2000) • PAD, Management from Universidad Austral, Buenos • Belatrix Software Receives Stevie Award For “Company Of The Aires Year” Link • Globant Acquires Belatrix Software and Strengthens its Digital and Alex Robbio (President & Co-founder) Cognitive Transformation Leadership Link • Official Member at Forbes technology council (2017- • Belatrix Software Wins Key Award For Its Impact On Bogota Link Present)Endeavor Entrepreneur (2013-Present) • Belatrix Software Announces It Has Grown To 600 Employees Link • Entrepreneurial Studies from Harvard 19 Source: Company Website Bloomberg, LinkedIn, Pitchbook PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Devartis Company Overview

Company Description Services • Devartis or “the company”, founded in 2010 in, Buenos Aires City, The services offered by the company comprises of: is an agile software company • HTML5 web applications: It includes consumer web, social apps, • The company develops high quality software in the latest CMS and responsive applications. The company builds cutting- technologies for companies outsourcing software of any industry edge web applications that are accessible across many devices in need of enterprise solutions or software products • Enterprise Software: CRM, SRM, business process management, • Devartis is recognized as a leading development company in eCommerce solutions. From retail, services, mining, trading, we Argentina choose the right tool to help your business • Mobile: Full native experience on iOS, Android and HTML5 for mobile web. We are proficient building for portable devices with Key Customers constrained hardware and connectivity • Avalancha.com • Keepcon • Big Data: Apache Storm, Elasticsearch, Cassandra, MongoDB, • Moni • Uss Hadoop. We build scalable solutions to help you extract valuable • Axialent • Workana information from your data and provide innovative services to • Sadosky • Honda Trading your clients • Bridger Conway • Cloupatch • Quilmes • Biscayne • Unicef • Anheuser-Busch

Key People

Claudio Acciaresi • Responsible for Ruby and single page JavaScript projects. He oversees company research and training areas • Computer Science from UBA, Argentina Fernando Aramendi • Works on in-house product development and pre-sales • Software Engineer graduated from UTN, Argentina

20 Source: Company Website, Clutch.co PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION GlobalLogic Company Overview

Company Description Services • GlobalLogic or “the company” founded in 2000, is a provider of GlobalLogic is a digital product development services company that full-lifecycle product development services that combines includes services like:: Experience Design, Complex Engineering, and Agile Delivery • Experience Design: Provides services of experience design — from aiming to deliver the relevant software product in time mapping the user journey across a specific platform (e.g. mobile, • The company's range of services includes product engineering, tablet, web, TV) to considering a business’ unique brand and ideation, content engineering and software development relationship with its customers. Includes Brand development, • GlobalLogic operates design and engineering centers all over the integration and strategy consultation, Quantitative market world research and ethnography, Technology integration and prototyping Industries Served • Product Engineering: Provides software-driven health and fitness • Hi-Tech • Electronics & Industrial devices that track critical user data and save lives, to blended • Communications & Media • Semiconductors digital environments that bring together the best of online and • Medical Technology • Retail offline shopping experiences. It includes Product consultation and • Automotive advisory services, Product ideation and system architecture design, Iterative product development, Localization and Key Customers professional services, Re-platforming and digital transformation services, Product deployment, support, and sustenance • Fox • Cochlear • Digital Services: Helps the clients follow a design-led approach to • Oracle • HP product and service definition, and implement it using modern • Zappos • LA Galaxy software development processes and digital technologies by • Volvo • Samsung bringing together the capabilities, processes, and expertise • Adobe • Qualcomm needed to build the digital products and services to cater to the • Sprint • Texas Instruments needs of the client. It includes Digital Advisory & Labs, Design • Panasonic strategy & services, Lean/ MVP services Key People • Labs: Provide the capabilities, experiences, connections, and innovation of an external organization with the transparency, Shashank Samant (CEO) flexibility, KPI-based measurements and control of an in-house • President at NESS Technologies (2000-2008), Director development team to deliver PLM solutions at Hewlett Packard (1998-2000) • Content Engineering: Helps businesses manage their content • Savitribai Phule University (1985-1989) ecosystems through both automated solutions and real-time moderation teams. It includes Data structuring and Nitesh Banga (CFO) categorization, Reporting, metrics, and analysis solutions, Multi- • SVP, Products & Platforms at Infosys (2016-2018) media content digitization, creation, and translation, Automated • B. Tech Engineering from IT BHU (1993-1997) tools for OCR, pattern detection, semantic analytics, Content review for correctness, completeness, and formatting 21 Source: Company Website, Bloomberg, LinkedIn, Pitchbook PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Section IV: Public Company Profiles Globant Company Overview

Company Description Key Customers • Globant or “the company”, founded in 2003, is a Luxemburg based • 3g Smart Group • Groupm software technology developer • AEP Energy • Puma • The Company provides engineering, design, and innovation • Amadeus • Prisma services for clients by leveraging the latest technologies and • AON • LinkedIn methodologies in the digital and cognitive space to help them in • Bally Technologies • National Geographic overall transformation • Cars.com • Rackspace • The revenues increased from $322.9 mn in 2016 to $522.3 mn for • CISCO • Walmart Argentina 2018, representing a CAGR of 27.2% over the two-year period • Cloudera • DELLEMC Industries Served Services • Aviation • IT The company delivers its services through the unique set of Studios, • Banking • Leisure, Travel & Tourism Service over Platforms strategy, Agile Pods & Stay Relevant approach • Diversified Financials • Market Research, Public • Studios: These are small operating units that foster creativity and • Education Management Relations & Communications innovation while allowing the company to build, enhance and • Electrical/Electronic • Media & Entertainment consolidate expertise around a variety of emerging technologies Manufacturing • Oil & Energy • Service over Platforms: This set of platform is designed to help • Food & Beverages • Pharmaceuticals deliver digital and cognitive transformations in an agile and • Gambling & Casino • Retail innovative manner. The company prices this service in the same • Government & Public Sectors way SaaS companies do: cost per transaction, cost per user or cost • Healthcare per month according to each platform • Agile Pods: Designed to bring a better alignment between Key People business and technology teams, Agile Pods are self-organized teams that work to meet creative and production goals, make Martin Migoya (CEO, Co-founder) technology decisions and reduce risk and are fully responsible for • Director at Endeavor Argentina (2009-Present), Co- creating solutions, building and sustaining features, products or founder of Vivid Growth (2012-Present) platforms • MBA from CEMA (1997-1999) • Stay Relevant: Through this service Globant helps its customers, stay relevant within their industries and audiences by providing Juan Urthiague (CFO) helpful information and initiatives to understand the users’ • CFO of OLX Group (2018), CFO at Avantrip (2017- environment, competitors and behavior. The company offers this 2018) service via Insights, Sentinel Reports, Events, Converge, Books, • M.Sc. Finance from Dublin University (2006-2007) Partnerships & Playgrounds

23 Source: Company Website , Company Filings, Bloomberg, LinkedIn, Pitchbook PRIVATE & CONFIDENTIAL – NOT FOR DISTRIBUTION Globant Company Overview

Key Financials Revenue