Ci&T at TD Cowen Conference: GenAI Drives Strategic Growth

On Wednesday, 28 May 2025, Ci&T Inc (NYSE:CINT) presented its strategic vision at TD Cowen’s 53rd Annual Technology, Media & Telecom Conference 2025. The discussion, led by Bruno Carty, Cofounder and President of US EMEA at Ci&T, highlighted the company’s robust growth strategies, driven by GenAI adoption and a strong presence in the Latin American market. While the company boasts high revenue visibility and productivity gains, it also faces the challenge of expanding new client acquisition.

Key Takeaways

• Ci&T is leveraging GenAI to enhance digital engineering services and productivity.
• The company reports 92-95% of its revenue from existing clients, with a 30% increase in its commercial pipeline.
• GenAI platform, Flow, is widely adopted, showing 2x to 3x productivity improvements.
• Ci&T is actively pursuing M&A opportunities to expand its geographic and industry footprint.
• The company maintains a positive outlook, anticipating a surge in demand for GenAI-powered digital experiences.

Financial Results

• Revenue visibility remains strong, with 92-95% derived from existing clients.
• New logos contribute 5-8% of revenue, indicating a focus on deepening existing relationships.
• The commercial pipeline is 30% higher compared to the previous year, signaling potential growth.
• Margin guidance for the year is around 19%, reflecting stable profitability.
• Ci&T has experienced four consecutive quarters of headcount growth, with a 7% increase in Q1.

Operational Updates

• A significant portion of Ci&T’s workforce, 80%, is based in Brazil, serving clients in the U.S., Brazil, and Europe.
• Over 80% of engineers utilize the GenAI platform, Flow, leading to substantial productivity gains.
• The company is experimenting with pricing models, including ACUs, to better capture the value created by GenAI.
• Modernization projects are underway, helping clients transition from legacy systems to cloud-native environments.
• Investments in a specialized sales force aim to enhance client engagement and service delivery.

Future Outlook

• Ci&T anticipates increased demand for GenAI-driven digital experiences, driven by consumer expectations.
• The company aims to maintain a leading position in GenAI adoption as a competitive advantage.
• Active pursuit of M&A opportunities is expected to bolster Ci&T’s presence in key industries and geographies.
• The company is exploring ways to improve margins by capturing different price points based on productivity gains.

Q&A Highlights

• Clients have not experienced any negative impacts from potential tariff uncertainties.
• New revenue streams are emerging through modernization projects.
• Capital allocation priorities focus on M&A to achieve geographic reach and growth.

For a deeper understanding, readers are encouraged to refer to the full transcript below.

Full transcript - TD Cowen’s 53rd Annual Technology, Media & Telecom Conference 2025:

Brian Bergen, Analyst, TD Cowen: Brian Bergen, cover IT services and payments for TD Cowen. Thanks all for joining us. Very pleased to have CINT here with us today. From CINT, we have Bruno Carty, cofounder and president of US EMEA. Bruno, thank you

Bruno Carty, Cofounder and President of US EMEA, CINT: of few people that didn’t butcher my last name.

Brian Bergen, Analyst, TD Cowen: A lot practice. So CINT is a digital engineering provider. It has over 7,000 global professionals. The company offers a wide range of services like technology, strategy, customer experience, custom software development, cloud services and data and AI. Over 80% of the workforce is based in Brazil from which we serve clients across The U.

S, Brazil and Europe. So a nice growing digital engineering provider recently putting up good performance, and we’re going get into demand. But I think before we get into kind of the current client sentiment, an intro probably makes most sense for anybody that doesn’t know the story well. So Berna, can you just start here for those that are less familiar? Just provide a brief overview of the company and where you see the key areas of differentiation for CINT.

Cool.

Bruno Carty, Cofounder and President of US EMEA, CINT: Well, thank you for having us. Appreciate the opportunity. We started the company and I think the initial vision was 1995, ’30 years ago, was a pioneer of the Internet. And kind of just we started by showing the possibilities that new technology can do for business, right. So and that’s what kept the company running with farther waves of transformation that is kind of technology basic.

So start of Internet then was mobile and then cloud and then AI and all gen AI. And I think what we do in the mission of the company is actually helping our clients modernize their tax tax, understand what’s the technology that will kind of change and impact their business and help them to adapt, right? So that’s what we’ve been doing for thirty years and that’s actually kind of that fuel the growth of the business.

Brian Bergen, Analyst, TD Cowen: Okay. Where are you spending your most time? So President, U. S. And EMEA, just give us a sense of your day to day and what’s different now versus maybe a year ago?

Bruno Carty, Cofounder and President of US EMEA, CINT: Very different from a year ago. It’s mostly client facing and business development, probably sixty-forty, 60 more, you know, out of the door and 40 kind of keeping the teams aligned and kind of a well funded and well motivated to kind of go through this major transformation that we have in our industry, which is the GNI one.

Brian Bergen, Analyst, TD Cowen: Okay. All right. Very good. So based in Brazil, Eighty Percent of the workforce there. LatAm certainly has become a region that’s become more and more attractive, right, for near shore development.

Talk about just what makes the region attractive, the talent base attractive to enterprise clients today.

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. I think the for digital specifically, it’s an environment where there’s a lot of uncertainty. And like it’s very unlike when you’re doing IT implementations for internal systems like ERP implementations, supply chain implementations. They’re more under control, right, in the sense that, you know, ERP implementation you just talk to your people, you know, and understand and design what the process that everybody is going to know. And so you agree with them what’s going to what that look like and then you do it and that’s a done thing.

When you’re building experiences that serve your clients, guess what? They’re not in your payroll. So it’s very important that those experiences actually, you know, create value for them. Right, because they’re you can’t you don’t control them.

Brian Bergen, Analyst, TD Cowen: Right.

Bruno Carty, Cofounder and President of US EMEA, CINT: So guess what? There’s some way more uncertain and volatile environment. And that means, you know, the those softer requirements, what we’re going to build, they change a lot. And you need to pivot, you need to kind of be flexible to do things differently, to change plans. And that kind of a and being the same time zone makes a lot of difference for that type of work stream.

Brian Bergen, Analyst, TD Cowen: Mhmm.

Bruno Carty, Cofounder and President of US EMEA, CINT: Right. So that’s where we see our clients really, you know, and and really enjoying and paying a premium and and kind of a this works way better than kind of just send this 12 time zones away and receiving something that didn’t need to adjust and so communication and ability to kind of be in context and change very fast. It makes a lot of difference for that type of environment. So within digital services, for mainly the kind of the consumer facing the customer facing experiences that makes a lot of difference and creates a lot of value for our clients.

Brian Bergen, Analyst, TD Cowen: So you bring that design and that experience together with the technical components?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes.

Brian Bergen, Analyst, TD Cowen: That are key. Exactly.

Bruno Carty, Cofounder and President of US EMEA, CINT: And of course, it’s a massive talent pool Yes. In Latin America, like Brazil specific is the second biggest tech talent pool after The U. S. And Americas. But even the rest of the region, Colombia, Argentina, you know, Chile, we have like a very we have like very big talent pool that specialize in those kind of more modern technologies.

So we have a very deep talent pool there.

Brian Bergen, Analyst, TD Cowen: Okay. Okay.

Bruno Carty, Cofounder and President of US EMEA, CINT: That we can tap.

Brian Bergen, Analyst, TD Cowen: And you’re also selling into that market too from a revenue standpoint, what, 40% or so Yes. Brazil? Yes. Talk about the dynamics of demand in Brazil versus other, you know, US or Europe, anything It

Bruno Carty, Cofounder and President of US EMEA, CINT: what you usually, it’s not very different. Like the Brazil has a very, maybe like in some sectors Brazil is ahead. For example, financial services, Brazil has a way more modern financial services market than The US. Shocker alert, like the the So you guys are probably fifteen years behind Brazil here.

Brian Bergen, Analyst, TD Cowen: New bank

Bruno Carty, Cofounder and President of US EMEA, CINT: It’s just it’s just don’t don’t even I I live here, so I have to live with with checks and stuff. Don’t don’t make me go to that. But it’s so so there’s areas where, you know, the the that market, you know, has a lot of things to teach to other markets. And there are markets here that are more dynamic and modern that we kind of so we try to kind of leverage that expertise across the globe, right? So and learn with clients that are more sophisticated and teaching in other markets that are still behind.

But dynamic really happens.

Brian Bergen, Analyst, TD Cowen: That’s an advantage for you to bring newer capabilities elsewhere? Yes. Okay. Let’s talk about that then as far as demand goes. So it’s been volatile in the space now for feels like forever, two years or so, but what are you seeing in client demand?

Talk about some of client conversations you’re having now. And if you can, of bring us before election in The U. S. To what has transpired since?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. We see like The U. S. Is a little more kind of conservative, our clients here, than we see in Brazil, for example. Brazil like growing a lot, a lot faster.

I think they’re a little not less impacted by the Trump administration’s last actions. So they’re doing really well. But here fortunately, clients haven’t been impacted so far. So hopefully that continues continue like this, but so far, so good. So far, we haven’t had any impacts, kind of cancellations or postponements in terms of engagements, in terms of the investment that they have planned.

So far, so good.

Brian Bergen, Analyst, TD Cowen: And you’ve got interesting vertical exposure, right? You think about you have consumer exposures, auto exposures. What do you think is different there that you’re navigating that versus others that are calling out some of these challenges because of tariff uncertainty?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. But even our clients here, potentially can be exposed to the tariffs, right? But so far they’re at least in the digital side, they haven’t pulled any type of investment, right? So I don’t think there’s a difference in terms of the exposure of the industries. I think there may be kind of a protection of the digital investments because the kind of their usually the return on investment then for them are very high.

So probably the last one in the line to actually to be maybe impacted.

Brian Bergen, Analyst, TD Cowen: And I guess you’re favorably exposed to at least those programs for Yes. Okay. How have you forecasted the year at the end? And talk about the visibility you have for sequential growth?

Bruno Carty, Cofounder and President of US EMEA, CINT: Our visibility usually is very high, right? So we’re very much our growth usually comes from last year clients, it’s more than an expansion portfolio. So historically, 5% to eight percent comes from new logo revenue. So it’s small number, right? So we don’t depend a lot of our new logo closing for growth, right?

So again, to your point of visibility, we have a very high visibility because 90%, ninety three % of the revenue coming from the existing clients where we have historically high visibility, right. And for the new logo component, we’re kind of feeling very confident as well because we have like at this point, we have 30% higher pipeline, commercial pipeline compared to last year. So kind of even commercial pipeline looks stronger than last year. So kind of even for that portion of 5% to 78% that comes from new logo also looks stronger this year than last year.

Brian Bergen, Analyst, TD Cowen: As far as things that’s obviously encouraging for the 30% higher. As far as things coming out and converting from that pipeline into signing

Bruno Carty, Cofounder and President of US EMEA, CINT: the don’t see any changes in win rate or kind of on the or duration of life cycle, the deal life cycle. So if those parameters kind of keep the same, we are going to see a higher conversion rate or higher new logo revenue coming in

Brian Bergen, Analyst, TD Cowen: All right. So as a mid cap provider, you typically would have client concentrations and certainly the top five, top 10 for smaller providers can drive the year for year. Talk about some of that top five, top 10 client cohort. Give us a sense of the exposures across that by industry. And how are you feeling about those relationships?

Are they all broadly going the same way? Is there any puts and takes around that?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. Like to your point, like to our size, there will be our size dealing with the size of the organization that we deal with. There will be if we’re doing well, they will they will kind of pull us more and and we will have concentration, right? So and that will only kind of dilute with time, which actually we’ve been seeing, right, since the IPO, kind of a concentration of top 10 continues to go down, right? So again, I think it’s something that will only kind of really become a smaller issue when we kind of keep growing at a very high pace and keep growing that cohort, we represent a less amount of the revenue, right.

So but again, I think it’s just the other side of the coin there of just dealing with very big clients and doing good work and just being dragged to kind of do more and more and more of them and replacing poor performance within those environments and just it’s the companies we acquire, actually, we kind of have to be tolerant to that concentration as well because, if they have the rights the right type of client, big clients themselves, and if they’re good, there will be concentration there.

Brian Bergen, Analyst, TD Cowen: Yes. Okay. And understanding a couple of your clients are large Brazilian financial institutions. What other players are

Bruno Carty, Cofounder and President of US EMEA, CINT: in that top In Brazil, we’re very kind of blue chip, right? So that’s where actually we’ve been able to grow. Before IPO we grew like 35% every year even, you know, in years of economic downturn, which in Brazil happens more often than here. But even so, we grew in thirty, thirty five every year because that’s a very blue chip. So like it’s the biggest banks in the country, the biggest telcos, the biggest retailers, like companies with very sizable investments and stability to actually keep investing in technology and modernizing.

Usually, they use kind of those downturns to actually invest more and to prepare themselves for the upside of the turn.

Brian Bergen, Analyst, TD Cowen: Okay. As far as growth, and this was a group you mentioned you were growing 30%, thirty five %, right? The digital engineering group in total was growing 20%, twenty five % on a normalized basis for many years. It’s since pulled back.

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes.

Brian Bergen, Analyst, TD Cowen: As you kind of step back and look at all the macro volatility, but then the technology trends that are out there, do you think there is something different now where the group can’t get back to that level of growth at 2025? Is there any reason that there’s something structurally that’s changed? Or do you think it’s just something that we have to pass with all these cyclical factors right now?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. Yes, it’s a good question. That’s a trillion dollar question, I guess. Right. So I think there will be a massive demand.

I think the new demand will be different from the massive demand from the past. And I think will be related to this absolutely new type of interactions that we’re going to have in the new world, right. So which we haven’t even started. So imagine that all mobile apps, all websites, all kind of digital interactions that exist today, We have to be rebuilt and rethought with JN AI in the center, right? Voice, more human like interactions, right?

So and that had none of our clients have started that journey yet, right? So they’re still just leveraging JN AI for operational performance, right. So no one actually kind of starting putting their guns towards that problem yet. And I think it will happen and I’m certain that it will happen, it will happen exactly what happened with the mobile revolution. We went back then, we’re talking to CIOs that we need to start doing mobile and said, no, no, no, we have to see security, you have to look at the compliance of this.

And then in twelve months, hey, let’s talk about mobile. Well, what happened? Now my CEO demanded that we do the mobile, we build a mobile app. Why? And why was that?

And that I think that’s what’s gonna happen again. What happened was actually consumer adoption of mobile, right? So consumer adoption of mobile drove, you know, enterprises to respond to getting how come how come you don’t have a a freaking mobile app? Yeah. Right?

And that drove the companies to respond. Okay. Now everybody has to have a mobile presence, have to build that. So that will happen with Gemini. With people using ChatDBT, Gemini, and whatever Apple comes up with, when it comes up with.

But when people actually started using this on a daily basis, their expectations on what a digital experience is will change. And they were starting pushing our clients in the enterprise world to say, how come your interaction is this stupid, this dumb? So you need to rebuild everything, right? And that hasn’t even started. But we will start and when this starts, we’ll be a tsunami of demand and that will be the new phase of demand that will be different from the digital era.

Right? So it’ll be a different thing. We’ll be still in that kind of a customer interaction, customer experience, right, but but driven by a different, you know, fuel, right, would

Brian Bergen, Analyst, TD Cowen: be And expectations of a consumer?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes.

Brian Bergen, Analyst, TD Cowen: Yeah. Okay. So watch the consumer companies, see that, how that evolves maybe as a Gen AI?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. My take is there will be a critical mass, a point of critical mass that happened to mobile that will happen to Gen AI where, you know, that expectation will change and that pressure will start, you know, like people calling, you you guys or how come TD, you have this type of interaction with customer service, how come, right? So that pressure would drive, you know, it would drive because, you know, otherwise people that are smart, there’s competition, the people that actually take their risk and kind of put that together in first will start winning, you know, market and everybody has to respond.

Brian Bergen, Analyst, TD Cowen: Okay. And I guess the good thing is you’ve got a backlog there support that

Bruno Carty, Cofounder and President of US EMEA, CINT: So we’re very excited because we are we feel like we’re way ahead of the pack in terms of the GNI adoption anyway. So when that happens, we just point our guns to that opportunity. So but we’re already kind of on the operational optimization side, we’re way ahead of the pack in terms of digital adoption of GNI by our workforce. The results that we’re providing, you know, the productivity gains that we’re creating for clients. So we’re that, you know, the all metrics that we benchmark, we are ahead of the curve and we’re very excited when that, you know, tsunami comes, we’re able to serve it.

Brian Bergen, Analyst, TD Cowen: Let’s dig into that. So your Gen AI platform flow, right? I think it’s over what 80%, eighty five % of your engineers are using that day to day? Talk about, I guess, what has the impact been in your engineering base from that when you think productivity or any other metrics that you track?

Bruno Carty, Cofounder and President of US EMEA, CINT: We track productivity in the lead time, like how fast faster we’re being kind of producing software. And we we see impacts from, you know, all the ways in 30 to two x to three x. So depending on how advanced the client and our teams with that client is, right. So way bigger to my point again, way bigger than what we see our peers reporting in terms of very timid, you know, 20%, twenty five %, right. So, the impact is because we’re taking a broader approach, not only coding, we’re not trying to kind of using just co pilot, Flow is like a broader approach, like from trying to apply JNI all the way to the ideation.

So upstream in the process, ideation, prototyping, requirements, software requirements, and then kind of generating a lot of those assets that are used through the software development process. Have to think that people that don’t understand software think that software development is on a board coding. But coding is less than 40% of the effort. There’s a lot of activities that go into producing software that doesn’t have to do with coding, right? So what we’re trying to apply is actually applying, you know, agents and agent AI to the whole life cycle.

And with that, the impact is much, much greater.

Brian Bergen, Analyst, TD Cowen: So how is that going as far as the agents go? So are you going to market now with humans and agents Yes.

Bruno Carty, Cofounder and President of US EMEA, CINT: Building? How do you contract for that? So we’re experimenting at this point, right? So there’s a we still last year, we didn’t try to kind of come up with any kind of innovations on pricing. We just wanted to kind of deliver a lot more productivity and capture market share Yep.

And wallet share from our clients and we did that. We kind of replaced a lot of, you know, people that are laggards and people that didn’t have that kind of a productivity differentiation. This year we’re experimenting with different things, right? So different price points because we have more productivity that we can exercise different price points, different ways, you know, to capture that intellectual property. We’re calling kind of ACUs as a constant like, you know, agent tech computing units, like the use of those agents that are creating the consumption of those agents that are creating those assets and kind of creating a lot of that productivity charging for them as well.

So again, but they’re not being meaningful in terms of gross margins in 2025 because they’re experiments, right? But we’re very excited to where that leads.

Brian Bergen, Analyst, TD Cowen: Just the point about using this as kind of a competitive wedge, right, to push out some laggards. Do you see a risk in that if the industry all of a sudden starts to to try and leverage NAI as more of a a way to to compete, right, and and push others out? Is that is that a risk? Are you guys thinking about that?

Bruno Carty, Cofounder and President of US EMEA, CINT: You mean, like, if if everybody moves really fast in terms of Yeah.

Brian Bergen, Analyst, TD Cowen: Exactly.

Bruno Carty, Cofounder and President of US EMEA, CINT: You know, there’s the way we think about this is like a even if it does, worst case scenario, let’s say the industry, you know, there’s a three x productivity gains and the industry shrinks by a factor of three, The way we think and we win in that whoever survives will be there. That’s how we think. There will be losers, yes, in the market that moves at that speed. But if the number of software development professionals reduced by 3x in ten years, we’ll be growing because we’re going to survive and grow in that market. Going to be on the leaders of that new industry.

Brian Bergen, Analyst, TD Cowen: Yes, I guess smaller more Yes.

Bruno Carty, Cofounder and President of US EMEA, CINT: And again, the critical factor for us is to be ahead of the curve all the time in the next five years. We’re already ahead of the curve now and we’re, you know, foot on the floor to kind of keep ahead.

Brian Bergen, Analyst, TD Cowen: Okay. Okay. Makes sense. Stepping back from Gen AI, just on the theme of competition, there has been some peers have talked about more competitive behavior out in the market, you know, pricing, things like that, various structures. What are you

Bruno Carty, Cofounder and President of US EMEA, CINT: seeing

Brian Bergen, Analyst, TD Cowen: So

Bruno Carty, Cofounder and President of US EMEA, CINT: the government kind of laying off a lot of people. There are a lot of factors contributing for more competition. But again, it’s just dumb we’re not afraid of dumb competition. Like, we’re afraid of, you people are leveraging the one true superpower that’s there. It’s Geniei.

That’s what I know. That’s the only thing that can scare me if but at this point there is no one scaring me. So Okay. You know, just competition, just kind of offering whatever what’s yesterday’s work, that’s not gonna gonna do anything this year.

Brian Bergen, Analyst, TD Cowen: Okay. As you developed Flow, how did you make the decision between kind of the build versus buy decision around models?

Bruno Carty, Cofounder and President of US EMEA, CINT: We’re not so Flow, just to be clear, Flow is a layer of abstraction on top of LLM. So it’s not an LLM per se, right? So we’re it’s a multi LLM platform. We can connect to whatever LLM’s you want to use and there are LLMs that are better for some use cases than others, right? So we use that as well within Flow.

But it’s a platform to sort of you build agents that actually improve the software development process. For example, there’s agents where you can create prototypes and many prototypes and see what actually you prefer. There’s another agent that can take a prototype and create the software requirements out of that that prototype, and then you can review those software requirements before you pass on to a developer. There’s there’s agents that that kind of do the peer review on your code and then suggest kind of what you should be done and connect it to a client requirements, for example. Clients have requirements on how the code should be written and then kind of apply those specific knowledge from that specific client to that code to see if the the code is compliant and if they’re suggested.

So there’s 2,500 components that our people build on top of Flow during the last, you know, twenty four months. Right? So that’s the power of really embedding Geniei on actually the the daily work of people. Right? So there’s not only it’s not not the Flow team that’s building the all components.

Actually, the people serving the clients, they’re the building, the agents to actually make their work better and faster Okay. Every day.

Brian Bergen, Analyst, TD Cowen: Do you have are there clients that are kind of they have an aversion to this just because of the risks? Do you have any clients that are saying, we don’t want you to use this? Or how how are they kinda No. Controlling that?

Bruno Carty, Cofounder and President of US EMEA, CINT: No. They’re not. Like we’re not trying to again, we’re the way we kind of approach them, right, we’re not trying to push flow as a product, right? So it’s a tool that we use to be better and to be more productive, right? So they they haven’t opposed to anything like that to kinda just make, of course, all the security and compliance checks, like, because we’re using their data, connecting to their data.

So they wanna make sure everything is kinda, you know, is pristine in terms of security there, But no concerns and no pushback from clients on us to just use this to be, you know, providing faster and better service for them.

Brian Bergen, Analyst, TD Cowen: Okay. What are you doing with it internally? So are you using it in different parts of the organization to to become more efficient yourselves?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. Legal is using, HR is using like other areas of the company are using it, GenAI as well. So everybody trying to embrace and kind of do better work, right, than incorporate GenAI. But the massive use, of course, is in the software development teams.

Brian Bergen, Analyst, TD Cowen: Okay. Okay. I’m going to pause and just see if there are any audience questions. If not, we’ll keep going.

Bruno Carty, Cofounder and President of US EMEA, CINT: We’re running like a machine gun here. Yes.

Brian Bergen, Analyst, TD Cowen: Yes. I was going to can you talk a little bit about the shorter term puts and takes on margin levers that you have? What would it take to get back to that 18% to 20% adjusted EBITDA guide? Any sort of seasonality on margins as well to think about like the cadence of margin improvements moving forward in the year?

Bruno Carty, Cofounder and President of US EMEA, CINT: There’s a seasonality of the margins in Q1 driven by the market in Brazil. So Brazil has a specific, unfortunately, inflationary culture going there. So it’s kind of there’s salary adjustments every year that happens in January in Brazil. So they’re seasonal out of the margins. But the guidance for this year is actually the midpoint is around 19%.

So it’s there’s not a lot of variation from what are being in the last five years. In terms of opportunities for the future, it’s all about kind of capturing different price points based on actually how we progress in terms of productivity and value creation for our clients. We think that we can capture a bit of that, be it through different pricing or through ACUs, different pricing models. So there’s opportunity. There will be a lot of change in the next two to five years.

So we’ll try to be ahead of the curve and experiment and see if we can kind of improve that.

Brian Bergen, Analyst, TD Cowen: Let’s talk about workforce planning. So you’ve had four straight quarters now of sequential headcount growth. So obviously, a good indicator going forward. Just how are you thinking about this year? You did have a really strong start in 1Q, ’7 percent sequential.

What are some of the drivers of that?

Bruno Carty, Cofounder and President of US EMEA, CINT: Again, think there are two things we’re seeing that driving conversations and traction of clients. One is the it’s kind of the replacing poor performers the laggards that are not embracing this and providing the same type of productivity gains and impact for clients. And the other is actually new logo conversations around of usage G and A in the business. There’s also a different another driver that we’re seeing that is kind of a that’s exciting, which is helping clients modernize from older technologies because of GNI, which kind of was very risky before. So we have like three big engagements with financial services organizations where we’re kind of migrating mainframe code.

It’s COBOL. 70 year old cobalt that no one was actually, you know, that was dared to touch because, you know, no one actually there’s no one alive that understands that code, right? And now there’s there’s genii that actually can read that code, kind of reverse engineering, create the kind of what this is actually what’s what that code does and then for engineering to kind of modernize that code into a cloud native code that is so that kind of driving a lot of opportunities for us as well. That ability to use GNI to kind of help our clients modernize their tech stack because they need a tech stack that’s more modern to compete in this new world and kind of just kind of clean up that legacy. That’s a big opportunity that will last a couple of years, I think.

Brian Bergen, Analyst, TD Cowen: And that’s I mean, that’s net new revenue? Yes. That wasn’t being done before?

Bruno Carty, Cofounder and President of US EMEA, CINT: No. Because no one was brave enough to touch that coal. So and that’s kind of a new revenue stream that’s becoming very interesting for us.

Brian Bergen, Analyst, TD Cowen: It’s interesting because then it opens up the back end on application development, too, in the new Yes. Cool. Okay. Let’s talk about go to market model and sales force investments. Over I think the last year or so, you’ve had a more specialized motion.

Can you dig into that and how are you seeing any merits from that new model?

Bruno Carty, Cofounder and President of US EMEA, CINT: Yes. Like a lot of our clients kind of have Salesforce implementations and we just thought of it, they’ll be just natural that we kind of we integrate a lot in the past with that ecosystem and having just ability to actually do work in that ecosystem and help them optimize. There’s not a lot of net new implementation of Salesforce at the moment, but just kind of a lot of opportunities to optimize and improve their performance on top of the platform. So that’s what we’re doing for them.

Brian Bergen, Analyst, TD Cowen: Okay. And then just as you go to market yourselves, anything you’re doing differently with your sellers as far as the

Bruno Carty, Cofounder and President of US EMEA, CINT: structures? We have a lot of verticalization, right? So we’re kind of trying to kind of go by vertical, trying to lead what Geniei can do for our clients. I said, kind of be try to be a little more forward thinking and kind of what are the parts of the business, what are the opportunities that clients can really benefit and explore when they look at data and they look at the general opportunities. So that’s how we’re going to market and of upscaling our sales team to actually learn that and kind of have been able to actually have that type of conversation with their prospective clients.

Brian Bergen, Analyst, TD Cowen: Okay, okay. Last question here, I guess capital allocation, talk about the priorities and M and A is a component there, what would you look for in targets?

Bruno Carty, Cofounder and President of US EMEA, CINT: We’re looking for companies that are similar to us. So we don’t think we need a lot of diversity in terms of capabilities at this point. We’re very happy with the position we have. We’re just looking of people that have a footprint in industries and geographies that we don’t have a lot of footprint. So we’re looking for equals that have that footprint and have the ability to have a track record of growth as well because our main strategy is organic growth, right?

So once we incorporate one of those companies, want to make sure that they are embedded with the mission of high growth themselves, so they can kind of have a track record that it can do that, right. So once they’re in the industries that are target for us and they have a footprint that we don’t have, that’s kind of where we’re thinking about it.

Brian Bergen, Analyst, TD Cowen: Just given a lot of uncertainty, is this an environment where you expect you can get some deals over the line or do you wait?

Bruno Carty, Cofounder and President of US EMEA, CINT: We’re actively looking, but we’re not kind of compelled to do anything just because we need to do it. We think it’s right, we’re going to do But we’re very picky. There’s a lot of fits in terms of culture, in terms of, as I mentioned, market and industry fit. So there’s a lot of boxes to check. But if we find the right targets, we’re going pull the trigger.

Brian Bergen, Analyst, TD Cowen: All right. Well, we’ll be watching. Thank you, Bruno, for the time.

Bruno Carty, Cofounder and President of US EMEA, CINT: Thank you. Thank you for opportunity.

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