Globant's MuleSoft AI Pod Sparks a 7.8% Rally, But Can a $1.7 Billion Company Reinvent the IT Services Business Model Fast Enough?

Shares of Globant surged 7.8% to $43.50 on September 4, a day after the company unveiled a new AI-powered service for Salesforce's MuleSoft integration platform—its latest attempt to prove that an IT services firm trading 88% below its 2021 all-time high of $354 can reinvent itself through artificial intelligence.

• The New Product Promises to Automate Most of the Grunt Work. The new service aims to automate up to 80% of manual integration tasks , with benchmarks indicating 15–25% faster delivery and 35% greater efficiency in solution design.

The pods come in configurable team sizes designed to support approximately six, up to 12, and up to 24 integration flows per month. For investors, the relevance is pricing: Globant charges based on output or consumption, not per hours or per seat —a direct challenge to the legacy billing model that built the entire IT consulting industry.

• AI Revenue Is Growing Fast but Remains Tiny. Recurring revenue from Globant's AI platform reached $52.8 million as of June, a 60% sequential jump from $32.8 million in March.

The company is targeting at least $110 million by year-end. But context matters: AI-based revenue represented only about 2% of total revenue in Q2 , and management expects it to approach just 4% on a year-end run-rate basis. The pipeline is promising— $436.8 million in AI Pod commercial pipeline —but the core business is essentially stalled, with Q2 revenue essentially unchanged year over year at $614.4 million.

• The Salesforce Partnership Deepens Globant's Bet. The offering builds on 21-plus years as a Salesforce partner, with more than 1,200 projects delivered.

Globant has more than 27,400 technologists, including 2,000-plus multi-cloud experts. The Salesforce ecosystem gives Globant a built-in customer pool, but rivals from Accenture to EPAM are chasing the same integration dollars.

• A Cheaper Stock Doesn't Mean a Cheap Stock. Full-year 2026 revenue guidance was cut to $2.43–$2.46 billion, with adjusted earnings of $5.75 to $6.15 per share. At $43.50, that implies roughly 7–8x forward earnings—inexpensive on paper. Yet shares fell 11.8% after Q2 results , and UBS recently lowered its price target to $43, maintaining a Neutral rating. The market is saying: prove the AI transition can offset the shrinking core before we pay up. Today's pop buys optimism; the next few quarters will determine if it's warranted.