Digital agency Somo is being acquired by a Brazil-based digital agency, CI&T for £49m, with an additional earn-out clause of £9.8m, based on future performance. The acquisition forms part of a drive by CI&T to accelerate its growth in EMEA. CI&T’s clients include Johnson & Johnson, AB InBev, Carrefour and Google
Somo said it saw exceptionally high demand from brands in 2021 for digital product expertise. The agency picked up a number of new clients, including E.ON, Genesis, Motability, SSE, and Virgin Media, and generated £25m in revenues, 41 per cent up on 2020. With offices in the UK, US and Colombia, Somo employs almost 300 people. The agency will now join CI&T’s global team of 5,500 specialists in strategy, research, data science, AI, machine learning, design and engineering.
Somo CEO Nick Hynes, who co-founded the agency in 2010, will move to the role of Somo President with immediate effect, integrating globally across CI&T and expanding the operations across Europe. Co-founder and COO Carl Uminski will assume the role of Somo CEO.
“Somo and CI&T have a similar culture – people first, innovation-driven, and a strong reputation with global brands,” said CI&T Founder and CEO, Cesar Gon. “Together we will be able to combine the power of a global company with the strength of a strong European player.”