Cemex completes divestment in Neoris for US$209m

Cemex has finalised the sale of its remaining stake in Neoris, a digital accelerator founded more than 20 years ago. The sale will enable the company to focus on its core business and in line with its current acquisition strategy and portfolio balancing.

The 34.8 per cent interest in Neoris was sold for US$209m to digital transformation services company EPAM Systems, according to a statement issued by the latter. The sale agreement also provides for Cemex to continue as a customer of Neoris.

"Cemex founded Neoris more than 20 years ago and led it to become a global leader in technology consulting," said Fernando A Gonzalez, CEO of Cemex, quoted in the statement. "We are proud of his track record and the role he has played in helping Cemex become an industry pioneer in digital technologies."

The transaction, which may still be subject to adjustments in the amount related to cash, debt, transactional expenses and working capital levels, would be finalised in the fourth quarter of the year, subject to regulatory approvals.

Cemex began the sale of Neoris in 2022 when it announced the sale of a 65 per cent stake to private equity fund Advent International, which also sold its interest in Neoris to EPAM.

Neoris' commitment to quality engineering, innovation and strong level of customer engagement, combined with their deep expertise in our key industry segments, makes them the best partner for us," said Arkadiy Dobkin, CEO and president of EPAM, quoted in the statement.