Research has shown that organizations in emerging markets pursue cross-border acquisitions to gain competencies such as technologies, assets, or brands. They typically go through three stages: (1) start in their home country, (2) internationalize by expanding to similar markets nearby, and finally (3) go global. They must learn as they go. They may have all the systems and processes in place to execute strategy, but if they are not quick to learn and adapt their culture, they are unlikely to succeed.
To learn more about turning an emerging market business into a global challenger, read Chapter 7 of Leading Culture Change in Global Organizations.