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Digital Engineering Public Company Update

As an investment firm focusing on the technology services space, Alten Capital monitors the progress of publicly traded digital engineering companies. Companies we track include EPAM (EPAM), Globant (GLOB), Endava (DAVA), Thoughtworks (TWKS), CI&T (CINT), and Grid Dynamics (GDYN).

These companies have reported their latest results. Below are updated metrics.


We look at valuation, growth, and profitability metrics. The size of each bubble in the chart below represents the respective enterprise value of each company. The market expects Globant to grow the fastest in 2024 (17%, even at its scale), whereas Thoughtworks is expected to grow the least next year (-12%). Globant stands out as the most expensive company from a revenue multiples standpoint. We would see a correlation between higher growth rates and multiples if we drew a regression line.


Looking at profitability now, Globant is expected to show the highest projected EBITDA margin for 2024 (21%). Notably, CI&T stands out as the least expensive from a profitability metric, while EPAM the most expensive.


Alten Capital invests in tech services businesses. We enjoy getting to know founders and management team members to explore partnership opportunities. Please reach out to us to connect.