Connect33 Newsletter | October 2024

Hi readers, welcome to our October edition, which covers Latin American technology trends, expansion, and M&A. Happy election day to our readers in the US. 

This past month, we continued to see high activity on the M&A-led expansion front. Further acquisitions by Globant, NTT, and Oracle's new Cloud Region in Monterrey, Mexico, also made headlines.

We’re also excited to bring you more interviews from our Scaling Engineering Teams in LATAM series. Stay tuned for our next edition. ¡Vámonos!

• The Top Software Ecosystems for Partners: The Tercera 30 exists to give founders and IT services leaders valuable insights into the software ecosystems that they believe hold the greatest potential for building a channel-focused technology services business. It analyzes (i) Market Size and Potential, (ii) Brand and growth potential, (iii) Potential for external services, and (iv) Partner Support and Collaboration.
  • Our take: This is a must-read for anyone interested in further understanding software partner ecosystems. Tercera’s team analyzes 150 partner-friendly B2B software companies across 20 data points and qualitative inputs and selects the 30 companies featured in their report.While many of you will recognize the Market Anchors, the new entrants into Market Movers and Market Challengers caught our attention in this year’s edition. These include names across the following industries: Cloud data protection, AI, Cybersecurity, Data Management, Data Governance and Observability, and Marketing Automation. Tercera’s team does a great job breaking down their analysis, so we’ll leave it to them. Read the full report here.

• Oracle (NYSE: ORCL) announced the opening of a new Cloud Region in Monterrey, Mexico. (Oracle)
• Udemy (NASDAQ: UDMY), a leading online skills marketplace and learning platform, announced plans to open a new office in Mexico City. (PRN)
• Experian agreed to buy Brazilian cybersecurity firm ClearSale in a $350 million expansion of its footprint in Latin America’s economy. (Reuters)
• Globant (NYSE: GLOB), an Argentina-based digitally native technology services company, has announced the acquisition of Exusia, a US-based IT services consulting firm. (Globant)
• Grid Dynamics (NASDAQ: GDYN), a leader in enterprise-level digital transformation, acquired Argentina-based Mobile Computing to enhance engineering capabilities and add premier clients in Latin America. (Business Wire)
• Minsait, a technology company part of Indra’s Grupo, has acquired MQA, a Colombian firm specializing in SAP business management solutions.(Atalayar)
• Improving, a modern digital services company, acquired Leniolabs, a software company leveraging nearshore talent in Chile and Argentina, and a development center in Spain. (PRN)
• Zucchetti, an Italy-based software company specializing in HR, has acquired D4Sign, a Brazil-based company specializing in electronic signatures, for US $33M. (Pipeline Capital)
• NTT Data, an IT service management company, has agreed to acquire Brazil-based Aoop Cloud Solutions, a consulting firm specializing in automation and acceleration of digital strategies. (PRN)
• Uber (NYSE: UBER) announced that the company reached a milestone of US $750M in freight under management in Mexico following the expansion of its freight service into Mexico. (Uber)
• Foxconn is building the world’s largest manufacturing facility for Nvidia’s super chip in Mexico. (Reuters)
• Xerox (NASDAQ: XRX) has agreed to acquire ITsavvy, an Oak Brook, Illinois-based provider of integrated IT products and associated services. (Xerox)
• TRG, a global managed service provider, has acquired Boreal 4.0, a leading AIDC-focused automation company based in Argentina. (Business Wire)
• SGF Global acquired Adecco’s operations in Ecuador shortly after acquiring its Uruguay operation. (Nearshore Americas)

• LatAm Partners is kicking off a special series of Scaling Engineering Teams in LATAM interviews with our network of software partners across Latin America. Contact us to learn how we match companies with top software agencies in the region.

Additional stories we’re following

• Video: Nearshoring to Mexico (Bloomberg)
• LatAm Startup Funding Sees A Modest Uptick (Crunchbase)
• Mexican tycoon Slim’s América Móvil to keep pushing 5G expansion (Reuters)
• Motive to Enable First Starlink Service in Latin America (Business Wire)
• Shein To Launch Mexican Credit Card Amid Latin America Expansion (Forbes)
• Acronis Achieves Remarkable Expansion in Mexico (Acronis)
• Mexico warns US ban on Chinese car tech could hurt auto industry (Reuters)