July 26, 2022Press Release
Advent International and CEMEX partner to accelerate development of NEORIS
- Partnership will strengthen NEORIS’ digital transformation services and international presence
- CEMEX to remain a key strategic partner and customer of NEORIS, supporting CEMEX's efforts to provide a superior customer experience enabled by digital technologies
- Under the new partnership, Advent will hold a majority stake in Neoris
MONTERREY, MEXICO, JULY 26, 2022 – CEMEX, S.A.B. de C.V. (“CEMEX”) and Advent International (“Advent”) announced today that Advent, one of the largest and most experienced global private equity investors, will partner with CEMEX to accelerate the growth and development of NEORIS. As a global provider of tech consultancy and digital transformation services, NEORIS will strengthen its capabilities and reach through Advent’s expertise in the space.
With Advent’s support, NEORIS will deepen its focus on cutting-edge, high-growth verticals such as artificial intelligence, data science, cloud solutions, and automation, among others. These verticals are aligned with CEMEX’s priorities for its continued digital transformation. NEORIS will also continue focusing on strategic industries such as financial services, telecommunications, media, manufacturing, retail, and consumer packaged goods, among others.
“We are thrilled to become shareholders of NEORIS. The technological sector is growing fast and has relevant tailwinds for this to continue going forward, as companies of all sizes embark on the digital transformation journey. We are excited to be part of a leading business in the sector such as NEORIS,” says Juan Pablo Zucchini, Managing Partner of Advent.
“We are excited that Advent is investing in NEORIS, launching the next stage of a journey that started two decades ago,” says Luis Hernández, Executive Vice President of Digital and Organization Development at CEMEX. “CEMEX remains committed to leveraging digital technology to spearhead the evolution of the building materials industry. This partnership strengthens NEORIS and its role as a strategic ally for us.”
Founded over 20 years ago, NEORIS has successfully executed over 1,200 large-scale projects for more than 350 blue chip clients. It currently has more than 5,000 employees located in 14 countries in Latin America, USA, and Europe, working under a nearshore delivery model.
“We are delighted to partner with NEORIS and CEMEX. NEORIS provides a phenomenal value proposition to its ever-growing customer base. We look forward to working together in this new phase of accelerated growth and further internationalization,” says Ariel Blumenkranc, Managing Director of Advent in Mexico.
This is excellent news and a great opportunity to propel our growth strategy,” says Martín Méndez, CEO of NEORIS. “The arrival of Advent is a reflection of our success, which we could not have achieved without the support of CEMEX, our 5,000 employees, and our customers. Our achievements and strategy have benefited from our management team’s deep understanding of digital trends, industries, and markets. We look forward to collaborating with Advent to grow the business further and taking full advantage of the tailwinds of the technology space. We also look forward to bringing new ideas and our expertise to our ongoing relationship with CEMEX.”
As part of the creation of the partnership, Advent will acquire from CEMEX a 65% stake in NEORIS. CEMEX will retain a 35% stake and remain as a key strategic partner and customer of NEORIS, supporting CEMEX’s efforts to provide a superior customer experience enabled by digital technologies..
Subject to satisfaction of closing conditions, including approvals from antitrust authorities, Advent and CEMEX expect to finalize the transaction during the second half of 2022.
CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations, including the announced divestment to not close or that NEORIS does not develop as expected. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
NEORIS, founded by CEMEX, is a digital accelerator and business partner to some of the largest companies in the world. It has provided tech consulting services for over 20 years and serves clients across the globe. NEORIS has successfully executed over 1,200 large-scale projects for more than 350 clients. It provides services in 14 countries, plus delivery centers and innovation labs staffed with some of the best minds in the industry working hard to create the future of business.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of March 31, 2022, had $75.9 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
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CEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: www.cemex.com