Neoris
Latin America IT consultancy for SAP, apps, and data work, now folded into EPAM Systems as EPAM NEORIS.
On the record
Checkpoint: EPAM's next quarterly earnings report covering the Ibero-America/NEORIS segment headcount and revenue-per-employee
The call
Neoris now runs as EPAM NEORIS, with client relationships intact but headcount shrinking as AI tools and bigger rivals squeeze the same billable-hour services it built its business on.
Neoris helps big companies set up and maintain SAP software systems and custom applications, mostly for clients in Latin America and Spanish-speaking markets. The problem is that AI coding tools like GitHub Copilot and ChatGPT can now do much of this work automatically, so the company needs fewer people to do the same jobs; at the same time, Neoris was bought by a larger company called EPAM in late 2024, so any investor is really just holding EPAM stock, not betting on Neoris itself as a separate business. The one thing that could turn this around is if EPAM figures out how to use AI to make its workers more productive and charge clients more money per worker, rather than just cutting jobs and shrinking the business.
Why
01
AI pressure: Generative AI coding assistants and enterprise AI agents (e.g. GitHub Copilot, Cursor, agentic coders). AI coding tools compress the billable hours behind SAP configuration, app dev, and data engineering, Neoris's core work. Could AI do the core job? Yes, likely.
02
Bigger players: Accenture, Deloitte, IBM Consulting, Wipro, plus regional peers Softtek and Globant. Bigger consultancies with more GenAI service revenue and scale are pricing against the same shrinking pool of billable-hour work. Could a giant copy it? Yes, easily.
03
What protects it. Multi-year client contracts and SAP-certified nearshore delivery in Latin America create switching costs that slow, not stop, the squeeze.
What would change this call
EPAM's quarterly report discloses Ibero-America/NEORIS segment revenue-per-employee trend. Rising figures suggest AI is boosting productivity; falling figures suggest margin erosion.
Neoris/EPAM NEORIS headcount count in Crustdata or Revelio Labs over next two quarters. Continued double-digit shrinkage would confirm restructuring rather than growth.
New productized AI offerings announced from Madrid AI Hub (NAIH) within a year. Would indicate the unit is building structural AI differentiation, not just cutting costs.
Neoris/EPAM NEORIS headcount count in Crustdata or Revelio Labs over next two quarters. Continued double-digit shrinkage would confirm restructuring rather than growth.
New productized AI offerings announced from Madrid AI Hub (NAIH) within a year. Would indicate the unit is building structural AI differentiation, not just cutting costs.
Key numbers
- EPAM bought Neoris for about $209M
- Headcount down 4.8% year over year to 4,825
- US entity headcount fell 11% from 2023 to 2025
Named risks
- Core billable-hour SAP configuration and app development work directly exposed to AI coding assistants.
- Headcount contraction and integration disruption following November 2024 EPAM acquisition and October 2025 brand unification.
- No standalone financial disclosure post-acquisition limits visibility into unit performance and health.
- Loss of independent brand identity may weaken client-facing recognition during EPAM NEORIS transition.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Accenture | losing to | Leads GenAI-services market with ~7% share as of March 2025, far above regional mid-tier players |
| Softtek | contesting | Larger Monterrey-based LatAm rival, ~15,000 employees and ~$3.6B revenue per 2023 Dallas Fed research |
| Globant | contesting | Publicly traded Buenos Aires-origin peer investing heavily in generative-AI service offerings as of 2025 |
| Deloitte, IBM Consulting, Wipro | losing to | Named as direct Neoris alternatives by review platforms; hold larger scale and GenAI-services share |
Questions people ask
- Is Neoris still an independent company?
- No. EPAM Systems (NYSE: EPAM) completed its acquisition of Neoris on November 1, 2024, and by October 8, 2025 folded it into a unified brand called EPAM NEORIS, alongside acquisitions Optiva, Vates, and S4N, across Ibero-America.
- Could AI replace Neoris's consulting work?
- Much of Neoris's traditional revenue, custom SAP configuration, application development, and data engineering, overlaps directly with tasks AI coding assistants and enterprise agents increasingly automate, a core reason EPAM opened a generative-AI hub in Madrid in April 2025 to reposition the unit.
- Who owns Neoris now?
- Neoris is a wholly owned brand of EPAM Systems, Inc. (NYSE: EPAM), acquired November 1, 2024. Before that it was majority-owned by private equity firm Advent International since around 2007, with Cemex, its original 2000 founder, holding a minority stake.
- Is Neoris profitable?
- No standalone financials are published post-acquisition since Neoris is consolidated into EPAM Systems' results as of November 2024. Pre-acquisition, Neoris served more than 400 active clients across manufacturing, banking, CPG, and telecom, per EPAM's September 4, 2024 deal announcement.
- Who is Neoris's biggest competitor?
- In generative-AI-driven IT services, Accenture leads with about 7% market share as of March 2025, per iot-analytics, while regional peers Softtek (about 15,000 employees, roughly $3.6B revenue per 2023 Dallas Fed research) and Globant compete directly in Latin American nearshore delivery.
- What is the EPAM NEORIS AI Hub?
- The EPAM NEORIS Artificial Intelligence Hub (NAIH) opened in Madrid, Spain in April 2025, modeled on an existing EPAM hub in Boston, focused on productizing generative AI use cases for enterprise clients across Ibero-America.
Timeline
- 2025-10-08EPAM unifies Neoris, Optiva, Vates, S4N under single EPAM NEORIS brand
- 2025-04EPAM NEORIS Artificial Intelligence Hub (NAIH) opens in Madrid
- 2024-11-01EPAM Systems completes acquisition of Neoris
- 2024-09-04EPAM announces agreement to acquire Neoris
- 2007Advent International takes majority stake in Neoris, Cemex retains minority
- 2000Neoris founded as digital-transformation spinoff of Cemex
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- NEORIS Stock Price, Funding, Valuation, Revenue & Financial Statements (2024-09-03)
- EPAM NEORIS Advances Client-Centric Digital Transformation Across Ibero-America (2025-10-08)
- EPAM Completes Acquisition of NEORIS (2024-11-01)
- NEORIS - Headcount, Funding & Open Jobs (2026-06-19)
- Neoris Number of Employees 2026 (2026-06-29)
- EPAM Announces Agreement to Acquire NEORIS (2024-09-04)
- EPAM Announces Agreement to Acquire NEORIS (2024-09-03)
- Revenue, Competitors, Alternatives (2022-03-21)
- Working at NEORIS (2023-12-08)
- The EPAM NEORIS AI Hub: Enabling AI Transformation (2026-01-14)
- Mexican IT services firm pitches 'nearshoring' as alternative to overseas ties (2023-07-06)
- What is Competitive Landscape of Globant Company? (2025-12-25)