<SEC-DOCUMENT>0001144204-13-028936.txt : 20140825
<SEC-HEADER>0001144204-13-028936.hdr.sgml : 20140825
<ACCEPTANCE-DATETIME>20130514210227
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-028936
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Globant S.A.
		CENTRAL INDEX KEY:			0001557860
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		5 RUE GUILLAUME KROLL
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1882
		BUSINESS PHONE:		352 48 18 28 1

	MAIL ADDRESS:	
		STREET 1:		5 RUE GUILLAUME KROLL
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1882
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="width: 120px; height: 70px"></TD>
    <TD STYLE="width: 50%"><B>DLA Piper</B> LLP (US)<BR>
    1251 Avenue of the Americas<BR>
    New York, NY 10020-1104<BR>
    www.dlapiper.com</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Christopher C. Paci<BR>
    Christopher.paci@dlapiper.com<BR>
    <B>T&nbsp;</B> 212.335.4970<BR>
    <B>F</B> &nbsp;212.335.4501</TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%">May 14, 2013</TD>
    <TD STYLE="width: 50%">OUR FILE NO. 378173-000005</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin: 0pt 0"><B>CONFIDENTIAL TREATMENT REQUESTED<BR>
PURSUANT TO 17 CFR 200.83</B></P>


</TD>
    <TD><P STYLE="margin: 0pt 0"><B>CONFIDENTIAL SUBMISSION</B></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Title I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section 106 under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jumpstart Our Business Startups Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Section 24(b)(2) of the</P>

<P STYLE="margin: 0pt 0">Securities Exchange Act of 1934</P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mail Stop 4561</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Barbara C. Jacobs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 5.65pt">Globant S.A.<BR>
Amendment No. 1 to Draft Registration Statement on Form F-1<BR>
Submitted January 15, 2013<BR>
CIK No. 0001557860</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Jacobs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter is submitted on behalf of Globant
S.A. (the &ldquo;<U>Company</U>&rdquo;) in response to the comments of the staff of the Division of Corporation Finance (the &ldquo;<U>Staff</U>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) with respect to the Company&rsquo;s Amendment No.
1 to the Draft Registration Statement on Form F-1 confidentially submitted on September 10, 2012 and amended on January 15, 2013
(the &ldquo;<U>Registration Statement</U>&rdquo;), as set forth in your letter dated February 1, 2013 addressed to Martin Migoya,
Chief Executive Officer of the Company (the &ldquo;<U>Comment Letter</U>&rdquo;). The Company is concurrently confidentially submitting
pre-effective Amendment No. 2 to the Registration Statement (&ldquo;<U>Amendment No. 2</U>&rdquo;), which includes changes that
reflect responses to the Staff&rsquo;s comments. In accordance with the Staff&rsquo;s guidance announced on October 11, 2012, the
Company is confidentially submitting Amendment No. 2 and this response letter via the EDGAR system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The responses provided herein are based
upon information provided to DLA Piper LLP (US) by the Company. For reference purposes, the text of the Comment Letter has been
reproduced herein with responses below each numbered comment. For your convenience, we have italicized the reproduced Staff comments
from the Comment Letter. Unless otherwise indicated, page references in the Company&rsquo;s responses refer to Amendment No. 2.
All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Amendment No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2013</P>

<P STYLE="margin: 0pt 0">Page 2</P>



</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>1.</I></TD><TD><I>Please update your financial statements through December 31, 2012, in accordance with Item
                                8(A)(4) of Form 20-F.</I></TD></TR>                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the financial statements of the Company included in Amendment No. 2 have been updated through December 31, 2012.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Summary</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Our Company, page 1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>2.</I></TD><TD><I>We note your revisions in response to prior comment 12 in the
                                                          last paragraph in this section. Please further balance your disclosure
                                                          by providing net income information for the June 30 interim periods.</I></TD></TR>                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the Company has supplemented its disclosure on page 1 of Amendment No. 2 to provide profit/loss information for the years ended
December 31, 2012, 2011 and 2010.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Recent Developments, page 3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>3.</I></TD><TD><I>We note that the number of shares received by WPP plc from your selling shareholders is
                                subject to adjustments depending on your IPO pricing. Tell us and disclose how you will account
                                for this feature. Cite the accounting literature that supports your conclusion.</I></TD></TR>                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In response to the Staff&rsquo;s comment, the Company refers to the telephone conversation between
               the undersigned and Mr. Ryan Rohn of the Staff held on February 15, 2013. During this telephone conversation, the
               undersigned confirmed to Mr. Rohn that while the number of shares received by WPP plc from the Company&rsquo;s
               selling shareholders is subject to adjustments depending on the Company&rsquo;s IPO pricing, any increase in the
               number of shares to be received by WPP plc will be satisfied exclusively by the selling shareholders and, conversely,
               any reduction in the number of shares to be received by WPP plc will be satisfied exclusively through the return
               by WPP plc to the selling shareholders of a portion of the shares already received by it. Thus, no such adjustment
               transaction will implicate the Company in any way.  The Company has revised  its disclosure on page 3 of Amendment No.
               2 to clarify this point.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2013</P>

<P STYLE="margin: 0pt 0">Page 3</P>



</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Organizational Structure, page 5</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>4.</I></TD><TD><I>Refer to the table on page 7. Please disclose by footnote or otherwise any changes in the
                                ownership after the acquisition of your shares by WPP plc.</I></TD></TR>                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the chart on page 6 of Amendment No. 2 has been modified to disclose changes in the shareholding of the Company after the acquisition
of the Company&rsquo;s shares by WPP plc.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Currency Presentation and Definitions, page 43</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>5.</I></TD><TD><I>In response to prior comment 8, it appears that you revised your
                                                          document by placing the list of defined terms after the Risk Factors.
                                                          Please further consider revising to limit reliance on these defined
                                                          terms, such as by explaining the terms where first used. It is unclear
                                                          how the use of a glossary that defines terms in a separate part of your
                                                          document actually facilitates the understanding of disclosure when terms
                                                          such as &ldquo;XP,&rdquo; &ldquo;PMI,&rdquo; &ldquo;CMMI,&rdquo; and
                                                          &ldquo;Scrum&rdquo; are only used on page 97 or, in the case of &ldquo;ITIL,&rdquo;
                                                          not at all. Refer to Staff Legal Bulletin No.7A (June 7, 1999).</I></TD></TR>                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the Company has revised its disclosure in Amendment No. 2 to limit its reliance on the defined terms included in the separate glossary
on page 43. The Company believes that the remaining defined terms facilitate the understanding of the disclosure by providing a
reference for frequently-used concepts.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Liquidity and Capital Resources</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Restriction on Distribution of Dividends by Certain Subsidiaries,
page 73</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>6.</I></TD><TD><I>We note your expanded disclosure in response to prior comment
                                                          28. Your expanded disclosure does not appear to address how earnings
                                                          are transferred from your Argentinian subsidiaries to your companies
                                                          that are outside of Argentina, specifically Spain, and now Luxembourg
                                                          (e.g., dividend payments). In this respect, describe how earnings of
                                                          the consolidated affiliated entities flow through your organizational
                                                          structure to your parent.</I></TD></TR>                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the Company has revised its disclosure on page 68 of Amendment No. 2 to address how earnings from its subsidiaries in and outside
of Argentina are transferred to other subsidiaries (e.g., dividend payments). The Company respectfully advises the Staff that it
believes it has already adequately addressed restrictions on distribution of dividends by its Argentine subsidiaries to its Spanish
subsidiary.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2013</P>

<P STYLE="margin: 0pt 0">Page 4</P>



</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Global delivery with access to deep talent pool, page 88</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>7.</I></TD><TD><I>Refer to your disclosures on page 88 and 95 that is based on
                                                          data from the Science and Technology Indicator Network. Please clarify,
                                                          in accordance with the supplemental materials you provided, to indicate
                                                          that over 250,000 engineering and technology students graduated in Latin
                                                          American and the Caribbean basin after 2006. We note that there were
                                                          fewer graduates during the prior years.</I></TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: The Company has revised its disclosure on
pages 84 and 91-92 of Amendment No. 2 as requested.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Government Support and Incentives, page 96</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>8.</I></TD><TD><I>We note your response to prior comment 36 regarding the exemption
                                                          from import duties on hardware and IT components that you disclose in
                                                          the last bullet point in this section. The sentence immediately following
                                                          suggests that this would present a benefit to you. As it does not appear
                                                          that you would benefit from this exemption, please revise your disclosure
                                                          to clarify.</I></TD></TR>                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: The Company has revised its disclosure on
page 92 of Amendment No. 2 as requested.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Compensation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Compensation of Directors and Senior Management, page 119</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>9.</I></TD><TD><I>Please disclose the compensation for 2012. Refer to Item 6.B
                                                          of Form 20-F.</I></TD></TR>                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: The Company has updated the disclosure on
page 114 of Amendment No. 2 as requested.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2013</P>

<P STYLE="margin: 0pt 0">Page 5</P>



</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Principal and Selling Shareholders, page 122</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>10.</I></TD><TD><I>Please disclose the natural persons that hold voting or investment
                                                           power over the shares held by the entities in footnotes (12), (14),
                                                           and (16), in accordance with prior comment 46.</I></TD></TR>                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: The Company has provided the requested disclosure
on page 120 of Amendment No. 2 as requested.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Related Party Transactions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>WPP Investment in Globant, page 125</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>11.</I></TD><TD><I>We note from your disclosure in the fourth paragraph that the stock purchase and subscription
                                 agreement for the purchase of shares by WPP includes representations and warranties that continue
                                 for thirty months. Please file a copy of this agreement as an exhibit or tell us why you do not
                                 believe that it is required to be filed. Refer to Item 601(b)(10) of Regulation S-K.</I></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
a copy of the Stock Purchase and Subscription Agreement for the purchase of shares by WPP plc is being filed as an exhibit with
Amendment No. 2.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to the Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 24 &ndash; Segment Information, page F-39</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>12.</I></TD><TD><I>We note your response to prior comment 58. Please clarify your response that the segregation
                                 of revenues by individual country within North America is not material for the three years in
                                 the period ended December 31, 2011. That is, please explain how you determined revenue generated
                                 in the United States is not material and should not be broken out separately. In this regard,
                                 we note your table on page F-62 shows that revenues in the United States represented 79.2% of
                                 your total revenue for the six month period ended June 30, 2012.</I></TD></TR>                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In response to the Staff&rsquo;s comment,
the Company has separately identified revenues for the United States and for Canada in Note 24 on page F-48 of Amendment No.
2.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><I>13.</I></TD><TD><I>Your response to prior comment 59 indicates that you have disclosed non-current assets
                                 located in your country of domicile and located in all foreign countries in Note 24 to the audited
                                 consolidated financial statements. It does not appear that you have provided this disclosure.
                                 Please advise or provide this disclosure. Refer to paragraph 33(b) of IFRS 8.</I></TD></TR>                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>RESPONSE: In accordance with the Staff&rsquo;s request,
the Company has disclosed non-current assets in all countries, other than its country of domicile, in which it has material operations
on page F-49 of Amendment No. 2. There are no non-current assets located in the country of the Company&rsquo;s domicile.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2013</P>

<P STYLE="margin: 0pt 0">Page 6</P>



</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you should have any questions concerning
the foregoing matters or the enclosed documents, please contact the undersigned at (212) 335-4970.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 215pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><B>DLA Piper LLP (US)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">/s/ Christopher C. Paci</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Christopher C. Paci</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 215pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">cc:</TD>
    <TD STYLE="width: 96%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Martin Migoya</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alejandro Scannapieco</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S. Todd Crider</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Haley</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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