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  "documentTitle": "Globant SA (GLOB)",
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  "notes": "Uses a 'Globant's View' vs 'Spruce Point Uncovering Reality' contrast frame.",
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      "kind": "callout",
      "text": "3 of its last 7 acquisitions have represented between 6.3% and 8.4% of Globant's prior year revenues",
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      "text": "Globant's View: 3Q17 Conference Call – November 16, 2017: Alejandro Scannapieco (CFO): \"No acquisitions that we have made over the course of [Globant's history] have been more than 3% to 5% of our revenues\"",
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      "text": "acquisition revenue as % of prior year revenue: 8.4%",
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      "text": "Globant states that no acquisitions have been more than 3% to 5% of its revenues. We estimate that three of Globant's past seven acquisitions have represented over 6% of Globant's prior year revenues",
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      "text": "No acquisitions that we have made over the course of [Globant's history] have been more than 3% to 5% of our revenues — Alejandro Scannapieco (CFO)",
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      "text": "Sources: Bloomberg Conference Call Transcripts, Company Filings (FY15 20F, FY16 20F, 1H17 6K)",
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      "text": "Acquisition since the beginning of 2015 ($ in Millions)",
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      "text": "Growth Rate Comments From Conference Call",
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