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Globant to invest $1 Billion on AI expansion in Latin America

Globant SA, a software company, has stated that it plans to invest $1 billion in expanding its artificial intelligence (AI) business operations in Latin America. The company wants to double its workforce over the next five to six years, potentially hiring 20,000 employees in the region. The company’s revenues will be used to fund the expansion, which will be centered around a new AI and quantum computing hub in Sao Paulo.

Martin Migoya, the CEO of Globant, stated that the company’s objective is to increase its leadership in Latin America across the technology and R&D sectors. Globant is working to enhance its AI-based software development products and growing its workforce to deliver higher-quality data.

Before expanding into other sports, the company plans to incorporate AI into its existing partnerships with sports franchises, such as the Los Angeles Clippers basketball team and Spain’s LaLiga soccer league. Globant aims to offer “fan engagement solutions” via technology, such as ordering food and beverages at stadiums or finding parking spaces before games.

Although shares of the Argentine company Globant have remained largely flat this year, investors looking for Argentine companies that stand to gain from market-friendly policies following the country’s elections in October are becoming more interested in them. However, the country’s economic problems have caused a brain drain, with skilled workers migrating to the US and Europe for higher-paying jobs. Migoya highlighted the need for a stable system with clear game rules to keep top talent in Argentina.

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BRL Editor
BRL Editor
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