Argentine Unicorn Globant’s 2021 Revenues Hit $1B

The software developer saw sales in Chile surpass those of Argentina last year

The Argentine multinational software developer saw its sharpest growth since going public in 2021.
February 18, 2022 | 02:32 PM

Buenos Aires — For Argentine IT and software developer Globant (GLOB), “2021 was one of our most transformative years. We became a billion-dollar revenue company for the first time,” according to its CEO and co-founder Martin Migoya.

Migoya was speaking to investors on a conference call to present the figures for fourth-quarter 2021 and last year’s annual data, which was wholly positive, and showed that, during the year, Chile became the country in the region that generated the most revenue for Globant, surpassing Argentina, which had held that position in 2020.

  • 2021 Revenues: increased to $1.29 billion, a year-on-year growth of 59.3%.
  • Q4 Revenues: increased to $379.8 million, representing a year-on-year growth of 63.3 %.
  • Margin 2021: gross profit margin was 38.2%, compared to 37.4% for the full year 2020.
  • Margin Q4: gross profit margin was 38.0%, compared to 38.2% in Q4 2020.
  • Liquidity: Cash and cash equivalents and short-term investments were $460.4 million as of December 31, 2021. “As of December 31, 2021, our credit facility was not fully utilized,” the balance sheet noted.

As for the multinational’s net income, Globant reported annual profits of $96,355,000, 77% above the 2020 figure.

Read More: Globant Launches $10 Million Fund to Invest in Tech-for-Good


Other Figures

Globant closed the year with 23,526 employees, of whom 22,167 are technology, design and innovation professionals. The company had closed 2020 with 16,251 and 15,290 respectively.

In addition, 63.9% of Globant’s revenues were generated in North America (United States as the main country), while 23.5% came from Latin America and others, with Chile as the main generator, displacing Argentina from the top spot it had held in 2020.

Earlier this month, the company opened an office in Berlin.


Positive Balance

“Our goal is to be the partner of choice for our clients, and help them bridge the gap between innovation opportunities and actionable transformation,” Migoya said. “We are executing this strategy through the growth pillars I established in 2021: our geographic expansion , our reinvention studios and our growing platforms.”

Juan Urthiague, Globant’s CFO, said the company 2021 closed “with very solid results in revenues and fourth quarter results”, adding that the year saw “the largest growth, by far, since we became a public company”.

“The demand environment and our portfolio continue to provide us with very solid guidance for the first quarter and full year of 2022, and gives us confidence that Globant can maintain industry-leading growth trends in the coming years,” Urthiague added.

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