“Colombia has become the largest talent provider to bring these stories to life,” said Diego Schargorodsky, VP of Globant for Latin America, in an interview with Forbes.
Globant, a software giant valued at US$6.95 billion on the NYSE, now has more employees in Colombia than any other Latin American country, including Argentina, its home base. With offices in Bogotá, Medellín, Cali, Barranquilla, and remote talent across the country, the company boasts over 6,000 employees in Colombia.
Diego Schargorodsky, VP of Globant for Latin America, shared insights in an exclusive interview with Forbes about the company’s growth and Colombia’s crucial role in their global strategy.
“To explain who we are, we are the ones behind the banking apps we use daily, those who bring iconic video games to life, and among other things, we develop the technology that opens doors at Disney parks,” Schargorodsky explained.
Colombia’s office has been instrumental in this exponential growth.
“Colombia has become the largest talent provider to bring these stories to life. Colombia has the capacity to develop this talent at a significant scale,” Schargorodsky stated. “Since 2009, this fertile ground has allowed us to expand to over 6,000 employees in Bogotá, Medellín, Cali, Barranquilla, and other locations. Local companies also hire us.”
Globant’s focus on financial services and emerging technologies has been a cornerstone of their success.
“We focus on financial services, digital payments, banking services, and fintech. We make legacy technology comfortable and adapt our work methodologies to the digital world,” Schargorodsky commented.
With a global presence in 33 countries and more than 28,900 employees as of Q1 2024, Globant continues to grow. The company reported US$2.2 billion in total revenue over the past twelve months ending Q1 2024, with a staff turnover rate of 8.2% for the same period.
Globant’s modular structure, with ‘Agile Pods’ working directly with clients, promises a complete path to maturity in engineering, innovation, and design at scale through their Studios.
Latin America’s contribution to Globant’s global performance remains significant, not only by providing talent but also local revenue.
“We represent 23% of Globant’s total revenue, and Latin America is growing at much higher rates than the region, reflecting the demand for technology and digital transformation,” Schargorodsky affirmed.
Globant is also embracing the current tech trend of artificial intelligence.
“We help reinvent industries with artificial intelligence,” Schargorodsky said. He added that they have trained their entire workforce in AI and addressed not only technological aspects but also the ethical dilemmas associated with AI use.
To retain talent, Globant offers a combination of corporate benefits and competitive salaries.
“Globant is a talent-based company. We make people really important at all stages when a ‘Glober’ becomes part of this ecosystem, and we take care of them from that moment,” emphasized Schargorodsky.
He also highlighted their training programs, which help employees develop tech skills and feel empowered to build long-term careers within the company.
Looking ahead, Schargorodsky expressed optimism for 2024 despite economic challenges.
“We look at 2024 with a lot of optimism, although it won’t be an easy year for the industry, just as the previous one wasn’t. Globant’s final result for 2023 represented a 17.7% growth for the year. We expect growth this year as well,” he said.
The demand for entertainment technology also remains strong.
“There is a project not just in our region but related to what is happening in entertainment. Much of the technology used at Disney is developed by us,” Schargorodsky concluded.
Globant’s revenue breakdown reflects its diversification across various sectors: Media and Entertainment (21%), Consumer, Retail, and Manufacturing (19%), Banking, Financial Services, and Insurance (18%), Professional Services (11%), Travel and Hospitality (11%), Technology and Telecommunications (11%), and Healthcare (8%).
In Q1 2024, Globant reported revenues of US$571.08 million, a 20.9% increase from the same period the previous year, with net profits of US$45.06 million, a 23.7% increase.
The company has 318 clients with over US$1 million in annual revenue out of their 955 active clients. 87.4% of the revenue over the past twelve months up to Q1 2024 came from clients who were already there in Q1 2023.
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